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Sanofi To Acquire Genzyme for $20 Billion

Sanofi-Aventis and Genzyme Corp. have reached a definitive agreement under which Sanofi will acquire Genzyme for approximately $20.1 billion in cash.

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By: Tim Wright

Editor-in-Chief, Contract Pharma

Sanofi-Aventis and Genzyme Corp. have reached a definitive agreement under which Sanofi will acquire Genzyme for approximately $20.1 billion in cash. Genzyme shareholders are also eligible to receive additional milestone payments related to Lemtrada (alemtuzumab MS), or a milestone related to 2011 production volumes for Cerezyme and Fabrazyme. The transaction is expected to close early in 2Q11, subject to customary closing conditions.

“This agreement with Genzyme is both consistent with our long-term strategy and creates significant long-term value for our shareholders,” said Christopher A. Viehbacher, chief executive officer of Sanofi-Aventis. “This transaction will create a meaningful new growth platform for SA while expanding our footprint in biotechnology. We expect it to be accretive from year one, and the contingent value rights (CVR) structure, which served as an important value bridge between our two companies, rewards both Genzyme and Sanofi-aventis shareholders, particularly if Lemtrada outperforms the market’s current expectations.”

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