Sanofi-Aventis CEO reasonably confident of doing deal for Genzyme, but in no hurry

Chris Viehbacher, chief executive of French drug major Sanofi-Aventis, has made clear that he will pursue his takeover target US biotech company Genzyme, but reiterated he would not be rushed to buy Genzyme, after it rejected its $18.5 billion ($69 a share) non-binding cash offer at the end of August as an “opportunistic proposal” (The Pharma Letter August 30).

He comments were made yesterday at a Bank of America-Merrill Lynch Global Healthcare Conference in London, UK, where he presented an upbeat account of his company’s first-half performance - including noting that its best-selling drug Plavix (clopidogrel) is expected to continue its blockbuster performance post 2013 because of sales in Japan and China, as well as discussing the Genzyme offer.

In terms of company performace, the CEO Sanofi reported that it lost 428 million euros worth of sales on Plavix due to generic competition, and another 104 million euros on its allergy medication, Allegra D, a combination of the antihistamine fexofenadine and decongestant pseudoephedrine, in the first half of 2010.

No other offers seem to be on the table