Genzyme, Sanofi discuss higher buyout price: report.Genzyme, Sanofi Discuss Higher Buyout Price: Report. Shares of Genzyme Corp. (Cambridge MA) rose Friday evening on a Wall Street Journal report that the biotech bi·o·tech
short for biotechnology
Noun 1. drugmaker is discussing a more lucrative deal with French giant Sanofi-Aventis SA (Paris), which has been unsuccessfully pursuing the company since last July. According to according to
1. As stated or indicated by; on the authority of: according to historians.
2. In keeping with: according to instructions.
3. persons cited by the Journal, the companies are discussing an agreement that would value Genzyme at $20.7 billion, or $80 per share. Genzyme has repeatedly rejected Sanofi's takeover bid Noun 1. takeover bid - an offer to buy shares in order to take over the company
two-tier bid - a takeover bid where the acquirer offers to pay more for the shares needed to gain control than for the remaining shares of $18.5 billion, or $69 per share. The Journal identified the sources as "people familiar with the matter." Shares of Genzyme rose $2.91, or 4%, to $74.25 in after-hours trading. Neither company commented on the report. Genzyme, which specializes in drugs for rare diseases, stumbled last year after regulators uncovered sweeping manufacturing problems at a company plant. But the company's board has argued Sanofi's $18.5 billion offer does not take into account the company's recovery and pipeline of upcoming products, including an experimental multiple sclerosis drug called alemtuzumab.
According to the Journal, the proposed $20.7 billion deal includes a contingent value right, a mechanism which awards shareholders additional value if certain company goals are met. Sanofi, headquartered in Paris, is the world's fourth largest drugmaker by sales. Its shares closed the week off a penny at $32.22 on the New York Stock Exchange New York Stock Exchange (NYSE)
World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. .