Sanofi Claims Genzyme With $20.1 Billion Upfront And CVRs
Sanofi-Aventis SA's drawn out and much-publicized semi-battle to acquire Genzyme Corp. for $20.1 billion, or $74 per share, plus potential future payments, ended on Feb. 16, in a deal that most of those involved as well as many onlookers said was an expensive, albeit strategic, win-win.
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Bill Sibold will take over the leadership of Sanofi's Cambridge-based Genzyme group as the unit begins the important launch of Dupixent. Meeker ends his career at Genzyme after 23 years.
The French pharma's abrupt dismissal of its CEO, citing execution problems with its best-selling drug and issues with management style, has investors wondering whether Chris Viehbacher should have gotten the benefit of the doubt from the company’s board, given his impressive track record.
Sanofi CEO Chris Viehbacher said the company is focusing mainly on bolt-on acquisitions because valuations for targets have ballooned so significantly. Inversion deals are further inflating assets, he said.