M & A Law Prof Blog

Editor: Brian JM Quinn
Boston College Law School

Monday, November 29, 2010

Termeer interview in Le Figaro

Genzyme's CEO Henri Termeer gave an interview to Le Figaro in which he discussed the possible sale of Genzyme to Sanofi as well as the prospects of employing an earnout.  You can read it here.  I'd suggest the Google translate function which is surprisingly good.  In any event:

Le Figaro. - Are you opposed to a takeover of Genzyme?

Henri Termeer. - The Board of Genzyme has been very clear. We do not absolutely opposed to this process, natural for a listed company, and we are looking to maximize corporate value for shareholders. But Genzyme is not for sale. Our company is recovering from its production problems and it is changing. It's never a good time to complete a transaction. And at $ 18.5 billion, or $ 69 per share, Genzyme is still not in a sales process.

Your refusal to enter into discussions with Sanofi is it just about price?

Yes. The price of 69 dollars per share is not acceptable to the Board of Genzyme. Today we have no starting point, nothing that allows us to begin discussions.


Would you like Sanofi in its offer has a clause that allows your shareholders to receive, under certain conditions, a surcharge?

It is a means commonly used in the pharmaceutical industry when companies fail to agree on a price. This is part of alternatives that could be explored. We are thinking about the molecule of Campath. This could be used for Sanofi and other companies with which we are discussing.

Are you proposing this solution to Sanofi?

It is not for us to do.



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