Genzyme hives off Diagnostics business to Japan's Sekisui Chemical for $265 million; 'white knight' expectations not certain
Genzyme (Nasdaq: GENZ) says that it has entered into an asset purchase agreement under which Japan’s Sekisui Chemical will acquire the US biotech major’s Diagnostic products business for $265 million in cash.
Genzyme itself is the subject of a hostile takeover bid from Sanofi-Aventis (Euronext: SAN) of France, in a $69 per share bid which the US firm has constantly rejected as inadequate and opportunistic (The Pharma Letters passim) and is reportedly in talks with other drugmakers, such as Japan’s Takeda and the UK’s GlaxoSmithKline
Some risk in waiting for higher bid, says Genzyme shareholder
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