Monday, August 30, 2010

Bizmology

Bizmology

Sanofi gives Genzyme a not-so-friendly hug

Posted: 30 Aug 2010 01:38 PM PDT

After years of bold proclamations of independence, another biotech may be in the throes of an inevitable takeover. Faced with manufacturing troubles, FDA investigations, and struggles with shareholders, Genzyme has become a bright and shiny object for a larger, healthier pharmaceutical company looking for a bargain buy.

Sanofi-Aventis announced its $18.5 billion bid for Genzyme to the public for the first time yesterday, after weeks of speculation in the press. Sanofi’s “bear-hug” letter revealed that it has been attempting to engage Genzyme in merger talks for weeks. The letter is intended to prompt Genzyme to enter negotiations; however, Genzyme’s board immediately reiterated its unwillingness to discuss the “opportunistic proposal” without an increase in price.

While Genzyme CEO Henri Termeer has successfully fought off takeover speculation in the past, things are different for the company now, and Genzyme may ultimately have to succumb to Sanofi (or another bidder, should one emerge). As Genzyme's manufacturing quality problems have continued to harm its reputation and share price, the board of directors has gained several new members representing dissident shareholder groups. Led by activist investors Carl Icahn and Ralph Whitworth, the investor groups are pushing for increased levels of change within Genzyme and might ultimately be more open to outside bids.

If Genzyme doesn’t change its tune and begin negotiations, and if another bidder doesn’t emerge, Sanofi will likely make the bid a hostile one, exerting pressure on the board to accept the existing offer by taking it directly to shareholders. The tactic would follow in the footsteps of Roche‘s takeover of Genentech last year, in which Roche eventually won the biotech prize. Sanofi may first have to raise its bid though, as Roche did, to appease shareholders and ease the bite of its initial hostile efforts.

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Photo by Bob Haarmans, used under a Creative Commons license.

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