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DBL%20Hendrix%20small.png College chemistry, 1983

Derek Lowe The 2002 Model

Dbl%20new%20portrait%20B%26W.png After 10 years of blogging. . .

Derek Lowe, an Arkansan by birth, got his BA from Hendrix College and his PhD in organic chemistry from Duke before spending time in Germany on a Humboldt Fellowship on his post-doc. He's worked for several major pharmaceutical companies since 1989 on drug discovery projects against schizophrenia, Alzheimer's, diabetes, osteoporosis and other diseases. To contact Derek email him directly: derekb.lowe@gmail.com Twitter: Dereklowe

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In the Pipeline: Don't miss Derek Lowe's excellent commentary on drug discovery and the pharma industry in general at In the Pipeline

In the Pipeline

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August 27, 2010

Sanofi-Aventis and Genzyme: Walking Away?

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Posted by Derek

Here's a roundup of the latest reports on the potential Genzyme takeover. For one thing, it looks as if people on the inside are talking again, after a good period of silence. And for another, it looks as if Sanofi is applying the pressure: no deal above $70/share.

Either Genzyme's board agrees to entertain such an offer, or they get to explain to the shareholders why they think it's just too low. Sanofi-Aventis, for its part, may well be actually thinking about walking away, which is a move that I'd applaud. Not only do I not like most big mergers in this business, I've also never liked the way these deals take on a momentum of their own. Going through with some transaction because, well, we've started doing it and now things are just sort of rolling along, y'know, is a terrible idea. It's the sort of reasoning that vacuum cleaner salesmen and used-car dealers try to encourage. Oh, and big impressive investment banks, too.

Comments (5) + TrackBacks (0) | Category: Business and Markets


COMMENTS

1. Pav on August 27, 2010 9:17 AM writes...

Sanofi needs this deal given their current lack of growth prospects. Whats the upside on walking versus going hostile?

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2. horrible on August 27, 2010 10:23 AM writes...

I believe that these are strategic leaks on both sides. Sanofi lets out that there are some BOD members that are unhappy with any deal and Genzyme is leaking that they won't consider anything below 80.

It's like USA-USSR communications during the cold war: posturing in the board room and communicating through the press.

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3. ex-Pfizerite on August 27, 2010 11:53 AM writes...

Everyone needs to remember that Genzyme has very serious manufacturing/FDA problems that Genzyme's management seems unable to fix

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4. genz watcher on August 27, 2010 6:22 PM writes...

Genzyme hoisted itself on it own petard. They should take 70 . . . and like it.

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5. Anonym on August 29, 2010 5:09 PM writes...

$18.5B offer made according to the Globe http://www.boston.com/news/local/breaking_news/2010/08/sanofi-aventis_1.html

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