Thursday, January 20, 2011

A Sanofi option: Take over Genzyme board -

If Genzyme Corp. delays an acquisition by Sanofi-Aventis, the French drug maker could replace the Cambridge biotech company’s board of directors at the next annual meeting, according to an analyst.

“If the negotiations drag on too long, Genzyme would have to go through its annual meeting and Sanofi could propose a slate of directors that, if elected, would effectively control Genzyme anyway,” said Philip Nadeau of Cowen & Co., managing director on the firm’s biotechnology team.

Sanofi is expected to extend its $18.5 billion tender offer for Genzyme as it seeks to buy the U.S. maker of drugs for rare genetic diseases. While the $69-a-share offer expires tomorrow, Genzyme’s CEO Henri Termeer told reporters yesterday that the deadline is “just an administrative thing” and “neither side is worried about extending the offer date.”

Posted via email from Jack's posterous

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