Genzyme argues case for higher valuation than Sanofi-Aventis 'hostile offer, saying it is worth $89 a share

25 October 2010

US biotech major Genzyme (Nasdaq: GENZ) argued strongly that it is worth a lot more than the $69/share, or $18.5 billion, hostile takeover bid from France’s Sanofi-Aventis (Euronext: SAN) on Friday, detailing its accelerated financial recovery and other factors underpinning its value, at a meeting with investors and securities analysts in New York. Also, for the first time, Genzyme indicated its own valuation price: $89 a share.

“We are fully engaged in evaluating the future of the company and have initiated activities to better inform ourselves of all available options to deliver shareholder value,” said the company’s chief executive, Henri Termeer; just two days earlier the firm posted a robust set of third quarter results (The Pharma Letter October 21).

Projects $4.30-$4.60 EPS next year

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Chairman, Sanofi Aventis UK