The French pharmaceutical corporation Sanofi-Aventis announced a public offer to acquire the biotechnology company Genzyme in the amount of 18.5 billion dollars. This happened to a letter by Sanofi expressed disappointment at the refusal of the Executive Director of Genzyme to begin talks on the acquisition. New attempt to pressure on Genzyme comes amid increasing interest of large companies in the sector to new market opportunities offered by biotechnology. Steps have been taken on acquisitions by major players in the sector as Pfizer and Merck. Since 2006, did significant transactions in the pharmaceutical sector are 14, their value is 111 billion dollars, the newspaper reported. This is due to the growing popularity of generics that replace much of traditional medicines. Executive Director of Sanofi Chris Vibaher announced that over the past few months his company is trying to connect with Genzyme, to arrange a meeting for making the offer, but all attempts were rejected. That is why the open letter to all shareholders of Genzyme. Sanofi’s offer is worth 69 dollars per share and was even sent on July 29.
Initial interest in Genzyme that price was a 38 percent premium over current stock quotes, but it is slightly above the current price of 67.62 dollars per share.

Tags: Genzyme, pharmaceutical corporation, Sanofi, Sanofi-Aventis

The article was published on Wednesday, September 1st, 2010 at 2:45 am under the category Business News. Follow our comments on: RSS 2.0 feed. You can leave a response, or trackback from your own site.