Sanofi, Genzyme Deal May Be Announced Soon
It is said that the deal between Sanofi and Genzyme is going to be announced as soon as today.
The Wall Street Journal is reporting that a transaction between Genzyme and Sanofi-Aventis may be announced as soon as today.
The two companies have agreed to a deal in principal, according to sources close to the situation. The deal values Genzyme at $74 per share for Genzyme, with a contingent value right (CVR) of at least an initial trading value of $2 per share.
The CVR could have an eventual value of somewhere between $5-$6 per share in Genzyme is able to meet certain sales targets, specifically its leukemia drug which is also being tested against multiple sclerosis. The CVR could be potentially worth even more over the long term if the sales are higher than anticipated, as part of the deal.
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