PARIS - French drugmaker sanofi-aventis SA agreed, sweetened said Genzyme Corp. with a $20.1 billion cash offer, plus payments to the success of group tied to U.S. biotech medications, the company on Wednesday.
The acquisition-comes nine months after sanofi CEO Chris Viehbacher at first the idea to Genzyme's Henri Termeer lender-is expected to sanofi's profit contribution in the first year after helping by providing a new platform in rare diseases.
Sanofi will pay $74 per share in bar and offer tradable quota value right or CVR, its value to Genzyme's experimental multiple sclerosis drug Lemtrada and production will depend on two other medicines.
deal of the announcement, which sources with knowledge of the talks had confirmed told Reuters on Tuesday, marked the second largest acquisition in biotech history and Sanofi helps offset declining revenues from drugs that have lost or are set to lose patent protection.
Sanofi predicted would the deal that you want to close early in the second quarter to lift its underlying hourly earnings by between 0.75 and 1.0 EUR per share until 2013.
CVR runs end 2020 and entitles holder of cash flows worth up to $14 per share total ever on the success of the Lemtrada.
In theory could 3.8 billion, $ price tag add but the market value of the CVR time horizon and the fact will want expects that are deeply discounted given the uncertainty about future sales of Lemtrada, long many investors to hold such an instrument.
Tim Anderson, analyst at Sanford Bernstein, said sanofi would likely make withdrawals of more than $4 per CVR at the end or approximately $1.1 billion, while would Viehbacher reporters told market estimates CVR "cannot be realistic trading at $2 to $3."
"What we expect is a lot of this CVR trade as an option seller is there," Jean-Francois Comte, Paris said-based HF Lutetia capital portfolio manager. "So it could be another arbitrage opportunities on CVR in the next few days."
Shares sanofi that rose 1245 GMT 3% as investors welcomed the boost to the result. Vincent Meunier, analyst at Exane BNP Paribas, said the forecast of a 12 to 16 percent uplift 2013 over his expectation of 10 percent profit.
The first $1 related CVR be if specified production levels 2011 for Cerezyme and Fabrazyme--met two for Gaucher, Fabry disease medications are paid out.
Most of the potential payments but are connected with Lemtrada and will kick if this drug receives approval in multiple sclerosis and exceed various sales milestones, running up to 2.8 billion dollars.
I think, CVR was an extremely important tool to bridge differences in value, Viehbacher said.
His decision, Genzyme underscores big registration approval buy increasing reliance on Biotech to revive their pipelines. It follows AstraZeneca's acquisition of MedImmmune in 2007 to buy Eli Lilly Imclone 2008 and the rest of Genentech buy Roche's record in 2009.
Genzyme a quarterly profit on Wednesday in its forecast range posted, said that it would have to pay a fee of $ 575 million sanofi if the item has ended.
Genzyme was the first company to show that money could be made by drugs for diseases with small patient populations. In the year 2009 generated sales of $4.5 billion, enough to about one-third of sales replace sanofi is expected to lose until 2013 to generic competition.
Rare diseases represent a tremendous unmet need, with approximately 6,000 to 7,000 of such disorders in the world that there are treatments for only about 10 percent, Viehbacher said. "It's a huge area opportunity", he said.
Competition in the room takes but Viehbacher said Genzyme's position was extremely strong. "Genzyme is really the gold standard in patient centered care and we believe that the Genzyme brand able to protect the franchise", he said.
Wednesday's deal follows a lengthy stand-off between Viehbacher and Termeer, a Dutchman who has led the company for more than 25 years.
Termeer, was reluctant to sell the company that had come to define it, but a production crisis caused a lack of major Genzyme drugs and last May had the shares of fallen 46 percent from a high of close to $84 in July 2008.
Sanofi made his first formal offer of $69 per share in August.
Credit Suisse and Goldman Sachs advised Genzyme. Evercore Partners and JPMorgan were Sanofi's lead consultant.
Copyright 2011 Thomson Reuters.
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