Sanofi extends offer for Genzyme
No guarantee that an agreement will be reached
French pharmaceutical firm Sanofi-aventis has extended its US$18.5bn bid for US biotechnology firm Genzyme for a second time, without changing any terms and conditions of the offer, as talks between the two firms continue.
The $69 per share offer, which Genzyme has rejected, is now scheduled to end at midnight on 15 February.
Genzyme maintained last October that the bid undervalued the company and did not reflect either the company’s financial recovery or its ability to overcome its manufacturing problems.
The companies broke the deadlock this month saying discussions were ongoing and would focus on a contingent value right (CVR) involving Genzyme’s multiple sclerosis drug Lemtrada (alemtuzumab MS), which should improve the return to shareholders.
However, Sanofi said ‘significant differences’ remain over the potential CVR and the value of the bid, and there is no guarantee that an agreement will be reached.
