Genzyme To Sanofi: How About $89-Per-Share? Answer: "Very Unrealistic"
This article was originally published in The Pink Sheet Daily
Executive Summary
Genzyme is out to convince investors that Sanofi's hostile bid significantly undervalues the biotech, laying out the reasons why at a meeting in New York Oct. 23.
You may also be interested in...
Pharmaceutical/Biotechnology Deal Statistics Quarterly, Q3 2010
Biopharma financings slumped in the third quarter of 2010 - the $1.69 billion raised in Q3 was about half of Q2's $3.37 billion. Most of the third quarter money came from VC rounds. Two-thirds of the M&A total came from J&J's $2.2 billion purchase of the 82.1% of Crucell that it didn't already own. And following a long stretch in which earlier-stage assets were grabbing the largest deal values, Q3's biopharma alliances proved the contrary - the majority of the biggest moneymakers were for Phase II and higher therapeutics.
Pharmaceutical/Biotechnology Deal Statistics Quarterly, Q3 2010
Biopharma financings slumped in the third quarter of 2010 - the $1.69 billion raised in Q3 was about half of Q2's $3.37 billion. Most of the third quarter money came from VC rounds. Two-thirds of the M&A total came from J&J's $2.2 billion purchase of the 82.1% of Crucell that it didn't already own. And following a long stretch in which earlier-stage assets were grabbing the largest deal values, Q3's biopharma alliances proved the contrary - the majority of the biggest moneymakers were for Phase II and higher therapeutics.
Sanofi Holds Its Ground On Genzyme Bid
CEO Viehbacher defended Sanofi's $69-per-share hostile bid for Genzyme while reporting third quarter financial results -- even as the French Pharma took a hit from generic Lovenox.