Sanofi chief hopeful of buying Genzyme

first_imgChief executive Chris Viehbacher yesterday reiterated Sanofi would not be rushed to buy Genzyme, a specialist in rare diseases, after it rejected Sanofi’s $18.5bn (£11.8bn) non-binding cash offer at the end of August.“I think there’s a reasonable shot at a deal getting done at a reasonable price, but it’s not going to be a quick process,” Viehbacher said in a webcast presentation at a Bank of America-Merrill Lynch Global Healthcare conference in London. SANOFI-AVENTIS sees a reasonable chance of buying US biotech Genzyme at a fair price, but expects it will take some time to agree a deal that would further diversify the French drugmaker and strengthen its US foothold. Genzyme chief executive founder, Henri Termeer, late last month said there was a “high probability” of a deal getting done but demanded, without wanting to specify, a reasonable starting point for negotiations to begin.Viehbacher had met about 50 per cent of Genzyme shareholders in the US last week and has yet to meet Genzyme management, whom he has accused of forming a “brick wall”, to discuss Sanofi’s offer of $69 a share. Sanofi chief hopeful of buying Genzyme whatsapp Wednesday 15 September 2010 8:12 pm Show Comments ▼ whatsappcenter_img Share KCS-content Tags: NULL More From Our Partners Native American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgKiller drone ‘hunted down a human target’ without being told tonypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comWhy people are finding dryer sheets in their mailboxesnypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comMark Eaton, former NBA All-Star, dead at 64nypost.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comPuffer fish snaps a selfie with lucky divernypost.com “It was easier to see Genzyme shareholders than management, but that will hopefully change very shortly,” he said.Viehbacher did not say at what price the Genzyme shareholders he had met would consider selling their holdings in the company.Several of Sanofi’s key drugs are facing generic competition which along with future patent expiries will shave about a third of its 2008 sales until 2013. Buying Genzyme would help Sanofi bridge that gap and add rare diseases as a sixth growth platform next to others like emerging markets and vaccines. last_img

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