Termeer exit could help Sanofi
pharmafile | September 30, 2010 | News story | Sales and Marketing | Genzyme, M&A, MA, Sanofi
Genzyme’s chief executive Henri Termeer has signalled he will retire next year, a move which would help smooth the way for Sanofi-Aventis to acquire the company.
Speaking to the Financial Times Termeer said he would be “ready to retire” in mid-2011 following confirmation of late stage trial results for Genzyme’s MS drug Campath.
In August, Sanofi’s chief executive Chris Viehbacher wrote an open letter to Termeer to begin negotiations for an acquisition, but Termeer said the $18.5 billion all cash bid was “opportunistic” and “undervalued” the company.
Termeer told the FT that: “We can very well operate independently. I’m not in any way offended [by Sanofi’s bid]. They have to recognise our value rather than be opportunistic.”
He said the board had held no discussions with an alternative “white knight” buyer. “The company is recovering in a significant way, and pulling in value.”
He added: “We have to get into a very good place. There will be a moment to step back. If a transaction happens, it is very simple.”
He suggested he was ready to “relinquish his executive role” while remaining chairman in the event of a takeover.
“This is a process, a dance. Chris [Viehbacher] has indicated he’s in no hurry and I’m not in a hurry,” Termeer concluded.
In June Carl Icahn, who is known for his aggressive takeover tactics in the biotech field, was appointed to Genzyme’s board along with two of his business partners and will be influential in shaping a deal with Sanofi, but at the right price.
Genzyme has been beset by myriad manufacturing woes over its best selling treatments Fabrazyme for Fabry disease and Cerezyme for Gaucher’s disease that most recently resulted in it posting a second quarter loss.
The biotech firm has also been forced to cut around 1,000 jobs over the next 15 months in order to make “substantial annual savings”.
Ben Adams
Related Content
Sanofi and Regeneron’s Dupixent receives CHMP recommendation for chronic spontaneous urticaria
Sanofi and Regeneron have received a positive opinion from the European Medicines Agency’s (EMA) Committee …
Sanofi’s treatment granted orphan designation for rare chronic inflammatory condition
The European Medicines Agency has granted orphan designation to Sanofi’s investigational Bruton’s tyrosine kinase (BTK) …
Sanofi completes acquisition of Vigil Neuroscience to early neurology pipeline
Sanofi has announced that it has finalised its acquisition of Vigil Neuroscience, a US-based biotechnology …
