Sanofi Bags Genzyme With Incentive-Laden $20B Offer
Law360 (February 16, 2011, 12:31 PM EST) -- French pharmaceutical giant Sanofi-Aventis SA reached a $20.1 billion deal to buy Genzyme Corp. Wednesday, bumping its offer to $74 per share and tacking on incentives for Genzyme investors that could reach $14 per share in additional cash.
In addition to the cash payment, each Genzyme shareholder will receive rights to additional payments if specified milestones related to Genzyme's multiple sclerosis drug alemtuzumab, sold under the name Lemtrada, are reached.
Genzyme CEO Henri Termeer said in August that alemtuzumab has "tremendous future upside" and demanded that its value be realized in a Sanofi takeover.
Other extra payouts would be available to...
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