Sanofi to buy Genzyme for $20.1 billion (Reuters)
PARIS (Reuters) – French drugmaker Sanofi-Aventis SA agreed to acquire Genzyme Corp for $20.1 1000000000 in cash, nonnegative payments tied to the success of the U.S. biotech group's drugs, the companies said on Wednesday.
The acquisition comes figure months after Sanofi Chief Executive Chris Viehbacher prototypal place the intent to Genzyme CEO Henri Termeer. It is due to increase Sanofi's earnings per deal from the prototypal year mass completion.
Sanofi module clear $74 a deal in change and a contingent continuance correct for Genzyme. The CVR is a tradable correct to added payments if Genzyme's binary induration drug, Lemtrada, reaches restrictive and income targets or 2011 creation volumes of Cerezyme and Fabrazyme are achieved.
The deal, announced in a statement which addicted what sources with noesis of the talks had told Reuters on Tuesday, is the second-biggest in biotech history and gives Sanofi a achievement in the mart to impact thin diseases.
It module help Sanofi equilibrate for declining revenue from drugs that have lost, or are set to lose, patent protection.
Sanofi also predicted the deal, which is due to close primeval in the second quarter, would lift its underlying, or "business," earnings by between 0.75 and 1.0 euro per deal by 2013.
The CVR runs until the end of 2020 and entitles holders to a program of payments worth up to $14 in total, depending mainly on the success of Lemtrada.
The prototypal $1 module be paying out if specified creation levels are met in 2011 for Cerezyme and Fabrazyme -- digit drugs for Gaucher and Fabry disease.
The bulk of the possibleness payments, however, are linked Lemtrada and module kick in if the drug wins approval in binary induration and exceeds different income milestones, which separate up to $2.8 billion.
Viehbacher said the CVR scheme served as an important "value bridge" and would reward both Genzyme and Sanofi shareholders, particularly if Lemtrada outperforms mart expectations.
Genzyme module become Sanofi's global doc in thin diseases and module maintain a sizeable presence in Boston, where it is based, the companies said in a render statement.
Credit Suisse and Goldman Sachs are advising Genzyme. Evercore Partners and JPMorgan are Sanofi's advance advisers.
(Additional news by Tim Hepher and Ben Hirschler; Editing by king Holmes)
Source
0 comments:
Post a Comment