Sanofi-Aventis pursues Genzyme in hostile takeover
NEW YORK French drug maker Sanofi-Aventis has launched a hostile takeover bid to take over Cambridge, Mass.-based biotech company Genzyme, according to published reports.
The Associated Press reported Monday that Sanofi would try to acquire the company for $18.5 billion, or $69 per share. Genzyme previously had rejected Sanofi’s friendly offer for the same amount.
Genzyme has carved a niche for itself by manufacturing biologic treatments for such rare genetic disorders as Fabry disease and Gaucher disease, but shortages of drugs used to treat them -- such as Fabrazyme (agalsidase beta) and Cerezyme (imiglucerase) -- have arisen due to product contamination issues at its manufacturing plants.