Asia Bizz: Sanofi-Aventis Launches Hostile Bid Of $18.5 Billion To Acquire Genzyme
French drug maker, Sanofi-Aventis has launched a hostile bid worth $18.5 billion to acquire Genzyme. Sanofi has presented Genzyme with an acquisition by paying $69 per share to its shareholders. The offer made by Sanofi to acquire Genzyme will expire on the 10th of December. Chief Executive Chris Viehbacher, has stated that Sanofi has a history of being a cool and patient buyer.
In addition to this Viehbacher feels that this offer will ultimately be successful. The acquisition of the company will directly boost the company’s presence in the medicine industry. Genzyme on the other hand has declined to comment on this report.
Sanofi had to present a tender to the opposite company, as Genzyme was showing no signs of being acquired. The acquisition of Genzyme will bring in strong profit earning in the company, as this move will be very important for Sanofi as well as Genzyme.