Sanofi-Aventis said Monday the closure of its offer for Genzyme, which has netted 84.6% of the shares of the American biotech with a proposed 74$ and a certificate of conditional value (CCV) by title.
The offer had been extended by the French pharmaceutical group, and expired on April 1. It is reopened until April 7 to 18 pm New York time, to allow remaining shareholders to tender their shares, said the French group in a statement.
Sanofi-Aventis has finally agreed in the middle of February to pay 20.1 billion dollar (14.8 billion euros) to acquire Genzyme , an amount which is added to an additional price related to the success of major steps drugs in American society.
After more than seven months of negotiations, an agreement had finally been reached with the introduction of a certificate of conditional value attached to particular performance Lemtrada, an experimental treatment for multiple sclerosis developed by Genzyme.
The transaction, unanimously approved by boards of directors of both companies, is the second largest in the history of biotech.
It reduces the likelihood of Sanofi perform other operations on this scale in the coming months.
"When you spend $ 20 billion, it really calls the strategy (...). The transactions of one or two billion, it does not have the flexibility of the group, but 20 billion, it prevents us from making other transactions "said Sanofi CEO, Chris Viehbacher Monday in an interview on BFM radio business.
"Clearly, Genzyme was a gamble (...). Sanofi fundamentals still very strong and had the means. From time to time, we must take some risks to build a future, " he added.
At 11:53, the Sanofi fell by 0.16% to 50.20 euros in a market capitalization of 65.8 billion euros. The stock gained 5% since the beginning of the year, after losing 13% in 2010.
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