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Isis Chief Says Sanofi Likely to Reach Deal With Genzyme

From M&A Navigator (January 12, 2011)

Stanley Crooke, the chief executive of US drug developer Isis Pharmaceuticals (NASDAQ:ISIS), expects that French drug maker Sanofi-Aventis (EPA:SAN) will succeed in buying US rival Genzyme (NASDAQ:GENZ).

After its USD69 (EUR53.09) per share offer, valuing Genzyme at USD18.5bn, has been rejected, Sanofi-Aventis said it had re-launched discussions with the US drug maker on a "contingent value right", which would bring Genzyme shareholders additional earn-outs based on approvals and performance of the multiple sclerosis drug Lemtrada.

Crooke told Reuters in an interview today that this new proposal may help the French group to reach a deal.

Isis and Genzyme are working together to develop the experimental cholesterol drug mipomersen, which is likely to be a Genzyme and Sanofi drug, Crooke said, adding that Sanofi would bring additional strength to Genzyme to help develop its products.

Country: , USA

Sector: Pharmaceuticals

Target: Genzyme Corporation

Buyer: Sanofi-Aventis AS

Deal size in USD: 18.5bn

Type: Corporate acquisition

Status: Talks, Bidding

Comment: Isis’s CEO expects the takeover to succeed.

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Posted: January 2011