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发帖数: 1165 | 2 UPDATE 3-Sanofi makes approach to Genzyme - source
2:37pm EDT
* Sanofi makes early approach to Genzyme - source
* Issues such as price, management have not been discussed
* Genzyme shares up over 17 pct (Adds analyst comments, details on Genzyme
strategy)
By Jessica Hall
NEW YORK, July 23 (Reuters) - French drugmaker Sanofi-Aventis SA (SASY.PA:
Quote, Profile, Research, Stock Buzz), on the hunt for a large acquisition,
is sounding out biotech Genzyme Corp (GENZ.O: Quote, Profile, Research,
Stock Buzz) on a possible deal, a source familiar with the matter said on
Friday.
Shares in Genzyme, which is just beginning to emerge from a manufacturing
crisis that has caused shortages in its supply of drugs for rare disorders,
jumped 17.4 percent to $63.60. The talks were first reported by the Wall
Street Journal.
According to the source, the talks are at an early stage and no deal is
imminent. Issues such as price and management structure have not been
discussed, the source said.
Genzyme's current market capitalization is close to $14 billion, but the
company would be expected to argue for a significant premium to that based
on its drug pipeline, analysts said.
"If you started to use the $20 billion number that has been discussed in the
past, it puts Genzyme closer to $75 (a share)," said RBC Capital Markets
analyst Michael Yee.
Sanofi is feeling the sting of patent expirations on a number of its biggest
products, hurting its profit outlook.
U.S. sales of its colon cancer drug Eloxatin have tumbled following recent
generic launches, and its blockbuster cancer drug Taxotere will lose patent
protection by November in Europe and the United States.
Earlier this month, a source told Reuters that Sanofi was looking at several
U.S. deals, including one or two that could be worth at least $15 billion.
[ID:nLDE6610EX]
Reports of Sanofi's acquisition interest buoyed drugmaker shares at the time
, including Genzyme and Botox maker Allergan Inc (AGN.N: Quote, Profile,
Research, Stock Buzz).
On Friday, Allergan shares slipped about 3 percent, while Biogen Idec Inc (
BIIB.O: Quote, Profile, Research, Stock Buzz) , another target of
speculation, slid over 5 percent. (Reporting by Jessica Hall, Toni Clarke
and Debra Sherman; Writing by Michele Gershberg; Editing by Gerald E.
McCormick and Richard Chang) |
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