Genzyme rejects Sanofi’s $18.5B offer

Sanofi-Aventis has finally gone public with its offer for Genzyme. But Genzyme announced its definite rejection of that bid; so the news is not just sources volleying in the media anymore. However, with no rival bidder in sight, it behooves Sanofi to drag out any eventual negotiations, analysts say....

Leaks highlight Sanofi’s strategy on Genzyme deal

The recent leaks from Sanofi's camp all point to the same conclusion: Don't look for the pharma giant to pay any rich premiums for Genzyme. Today, the views of two big Sanofi investors--L'Oreal and Total--are being put on display, offering to douse any heated speculation about how high the bidding could rise. One of Reuters' sources even notes that Sanofi could be better off bidding on Shire, a rival to Genzyme which wouldn't cost as much to acquire. Meanwhile, Genzyme's sources have been...

Insider buzz: Sanofi circles $70 as top Genzyme bid

Sanofi-Aventis appears to be digging in around $70 as its top price for Genzyme (GENZ)--a figure that won't spur much enthusiasm at the board of the big biotech company. Bloomberg is the latest to fire a new salvo of insider news regarding the behind-the-scenes merger talks now under way, quoting sources who say that Sanofi has decided to cap its bid at $70, just slightly higher than its initial $69 offer. Reuters earlier reported that Sanofi's board has approved a $70 bid, and...

WSJ: Genzyme won’t bite on Sanofi’s “lackluster” offer

A split may be developing on Genzyme's board over a possible sale of the company to Sanofi-Aventis, with CEO Henri Termeer reluctant to dive in while other board members appear more receptive, according to a report in the Wall Street Journal. But the Journal's inside sources say that no one likes Sanofi's "lackluster" $69 per share offer. The view of the biotech's board is that Sanofi is looking for a chance to scoop up the company after a grueling series of manufacturing snafus blighted their...

WSJ: Sanofi in no rush to close Genzyme deal

The Wall Street Journal has pondered all the signs surrounding the now-quiet buyout discussions between Sanofi and Genzyme and concluded that it may well be months before any definitive deal emerges. Why? Sanofi has a history of taking deliberate steps in its buyout talks and has never been known to rush into anything. And it has some big shareholders that may be willing to hold it back from any acquisition that looks too pricey. As for Genzyme, nothing short of a sweet deal close to one...

Will new Genzyme stumble cripple its bargaining position?

After taking a good hard look at its troubled Allston plant, Genzyme (GENZ) has extended the scope of its repair mission to up to four years--which could extend federal oversight until late in the decade. And that whiff of lingering trouble could smell sweet to Sanofi, which would like nothing better than to be the only bidder at Genzyme's M&A party. Pictet Asset's Marc Booty tells Bloomberg that the new timeline on remediation at Genzyme could let Sanofi cap its solo bid at $70, well below...

Quiet panic at Genzyme as merger leaks dry up

After a week full of juicy tips about Sanofi's hotly rumored $18.4 billion offer for Genzyme, the business press has ended the week with little new to offer. About the only fresh report on Topic A in the biotech world today is from Reuters, which managed to reach an anonymous Genzyme staffer who expressed fears for his or her job safety if a big merger goes through. "I imagine everyone is worried about losing their jobs at all levels, in all divisions, in all the back-office functions,"...

Pfizer talks deal strategy as analysts buzz about Sanofi’s next move

Now that Sanofi has started talking numbers with Genzyme regarding a possible acquisition, the biotech world is abuzz about bidding wars and the potential for new M&A deals. Pfizer's CFO, though, made it clear that his company has no wish to get in any contest to acquire Genzyme--or any big biotech developer. Frank D'Amelio's idea of a great deal would come in at several billion dollars--tops--with "bolt-on" acquisitions about the only target of interest. Pfizer's numbers guy also seems...

Reports: Sanofi, Genzyme far apart on buyout price

The bidding on Genzyme has begun, with Sanofi putting down a hard offer of $69 a share, according to the Wall Street Journal. But Reuters and others have their own sources who say that Genzyme's board wants to hold out for at least $80 a share, and possibly wait to see if another bidder steps up to drive up the price even higher. For now, all the top executives are staying quiet about the bidding, but insiders are opening up to a wide range of the business press. As a result, we find out from...

Wall Street handicaps Sanofi’s looming Genzyme bid

Let the bidding begin. Wall Street analysts have been engaged in some intense speculation on Sanofi's widely expected bid for Genzyme, with a basic agreement that the pharma company will get started at $68 to $70 a share while targeting a handshake over a mid-70s price. Sanofi will be doing its best to avoid paying more than the upper 70s, and is already hinting at a hostile takeover attempt--even before it's made a formal offer for the company. Citigroup's Mark Dainty and Yaron Werber say...