Processing Magazine

Genzyme in Talks With Takeda About $18.5 Billion Sale

November 15, 2010

Nangia/Bloomberg reports that Genzyme Corp., has started talks with Takeda Pharmaceutical Co., to try to sell itself for more than $18.5 billion, the Mail on Sunday first reported, citing a person familiar with the matter. Takeda, which could pay $82 a share, is among several drugmakers that Genzyme has approached in recent weeks to foil a hostile $69-a-share offer from Sanofi-Aventis SA, the London newspaper said. Genzyme Chief Executive Officer Henri Termeer told investors last month the Cambridge, Massachusetts-based biotechnology company was trying to assess its value and gauge outside interest. He estimated Genzyme could be worth $89 a share after lifting its profit forecast. Sanofi took its offer for Genzyme hostile on Oct. 4 after the largest maker of medicines for rare genetic disorders spurned the bid as too low.