2010/8/29

Sanofi-aventis Announces Non-Binding Offer to Acquire Genzyme

- $69 Per Share All-Cash Offer Represents Immediate and Certain Value and a Significant Premium for Genzyme Shareholders - Transaction Would Help Genzyme Achieve its Vision of Making a Positive Impact on the Lives of People with Serious Diseases
- Transaction Would Enhance sanofi-aventis’ Sustainable Growth Strategy

Sanofi-aventis announced today that it has submitted a non-binding proposal to acquire Genzyme in an all-cash transaction valued at approximately $18.5 billion.
Under the terms of the proposed acquisition, Genzyme shareholders would receive $69 per Genzyme share in cash, representing a 38% premium over Genzyme’s unaffected share price of $49.86 on July 1, 2010. Sanofi-aventis’ offer also represents a premium of almost 31% over the one-month historical average share price through July 22, 2010, the day prior to press speculation that sanofi-aventis had made an approach to acquire Genzyme. Based on analyst consensus estimates, the offer represents a multiple of 36 times Genzyme’s 2010 earnings per share and 20 times 2011 earnings per share.
Accordingly, the offer price takes into account the upside potential of the anticipated recovery in Genzyme’s performance in 2011. Sanofi-aventis has secured financing for its offer.
The non-binding offer, which was made on July 29, 2010, was reiterated in a letter sent today to Genzyme’s Chairman, President and Chief Executive Officer, Henri A. Termeer, after several unsuccessful attempts to engage Genzyme’s management in discussions. Sanofi-aventis is disclosing the contents of its letter in order to inform Genzyme’s shareholders of the significant shareholder value and compelling strategic fit inherent in a combination of the two companies.
Genzyme is a leading bio-pharmaceutical company based in Cambridge, Massachusetts. Its products address rare diseases, kidney disease, orthopedics, cancer, transplant and immune diseases, and diagnostic testing. Sanofi-aventis’ global reach and significant resources would allow Genzyme to accelerate investment in new treatments, enhance penetration in existing markets and expand further into emerging markets. The combination of both companies would create a global leader in developing and providing novel treatments, giving both companies significant new growth opportunities.
“A combination with Genzyme represents a compelling opportunity for both companies and our respective shareholders and is consistent with our sustainable growth strategy,” said Christopher A.
Viehbacher, Chief Executive Officer of sanofi-aventis. “Sanofi-aventis shares Genzyme’s commitment to improving the lives of patients, and our global reach and resources can help the company better navigate the issues it faces today. The all-cash offer provides immediate and certain value for Genzyme shareholders at a substantial premium that recognizes the company’s upside potential, while sanofiaventis shareholders would benefit from the accretion and the attractive growth prospects of this combination. Now is the right time for Genzyme to consider a transaction that maximizes value for its shareholders. Sanofi-aventis believes strongly in this acquisition and its strategic and financial benefits.
We remain focused on entering into constructive discussions with Genzyme in order to complete this transaction.”
Sanofi-aventis has a strong track record of successfully acquiring and integrating a diverse range of businesses and has consistently demonstrated its commitment to allow affiliates to focus on their core competencies. Sanofi-aventis intends to make Genzyme its global center for excellence in rare diseases and further increase sanofi-aventis’s presence in the greater Boston area.
At this stage, there can be no assurance that any agreement could be reached between the two companies. Sanofi-aventis is prepared to consider all alternatives to successfully complete this transaction.

　

フランスの医薬品メーカー、サノフィ・アベンティスは29日、遺伝性疾患治療薬で世界最大手の米ジェンザイムに対する185億ドル（約１兆5900億円）の買収提案を公表。買収を完了させるために「あらゆる選択肢を検討する」と表明し、敵対的買収も辞さない構えを示した。

　　サノフィのクリス・ヴィーバッハー最高経営責任者（ＣＥＯ）は29日、ジェンザイムのヘンリ・タミアーＣＥＯあての書簡で、７月29日の提示額と同じ１株当たり69ドルでの買収を提案したと発表。サノフィ側は「ジェンザイムの経営陣を交渉に引き入れる努力が数回にわたって失敗した」ことを受けて、買収案を公表したと説明した。

　　サノフィは、売上高の約20％を占める製品が2013年までに特許権切れとなり、ジェネリック（後発医薬品）メーカーとの競争に直面するため、ジェン ザイム買収に動いている。ヴィーバッハーＣＥＯは29日の電話回線を使った記者会見で、ジェンザイム買収で合意締結を目指しているとした上で、ジェンザイ ム買収はサノフィの利益拡大だけでなく、サノフィの戦略にも合致すると語った。サノフィは、両社が合意に達する「保証はない」としている。

　　ヴィーバッハーＣＥＯはまた、「ジェンザイムが株主にとっての価値を最大化する取引を検討するのに今がふさわしい時機だ」と指摘。「われわれはこの取引を完了させるため、ジェンザイムと建設的な協議に入ることを引き続き目指している」と述べた。

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仏医薬品メーカーのサノフィ・アベンティスは、バイオ医薬品開発の米ジェンザイムに対して１株当たり７０ドル（約 ５９３０円）を上回る買収価格を提示することに消極的で、買収に失敗すればほかの標的を検討する可能性があることがわかった。事情に詳しい関係者が明らか にした。

　関係者らによると、サノフィの取締役会は１株当たり最高７０ドルの提案を支持しており、買収価格がそれを超える可能性は低いという。

　 サノフィは現在、１株当たり６９ドル、総額で約１７６億ドルの買収案を提示している。関係者５人が交渉は非公開だとして匿名で語ったところによると、サノ フィはジェンザイムによる生産体制の見直しに懸念を抱いているものの、同社とジェンザイムとの交渉は引き続き友好的だという。

　バンク・マ ルタン・モーレルでサノフィ株を含む約８２億ドル相当の資産運用に携わるジェローム・フォルネリス氏は２５日の電話インタビューで、「サノフィは必要以上 の支払いを望んではおらず、極めて合理的な姿勢だ」と述べ、「同社は適正な価格を支払いたい意向だ」と語った。

　ジェンザイムの株主らは今月、同社の物言う取締役らが買収価格の引き上げを求めており、サノフィは少なくとも１株当たり８０ドルを支払う必要があるかもしれないと述べ

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Since its founding in 1981, Genzyme has grown from a small start-up to a diversified enterprise with 2009 revenues of $4.5 billion. Over the past three decades Genzyme has introduced a number of breakthrough treatments in several areas of medicine, which have provided hope to patients who previously had no viable treatment options. Genzyme products are helping patients in 100 countries.

Today, Genzyme continues to be driven by its commitment to patients. The company is working to develop new medicines, improve its existing therapies, secure approvals for its products around the world, and ensure that patients have access to these treatments.

ジェンザイムは様々な製品とサービスで約100カ国で患者さんをサポートし、ライフサイエンスの分野における最先端技術開発、またその実用において、世界の希少な遺伝病、腎臓病、整形、癌、移植、免疫疾患、臨床 リーダーとなりました。主に検査分野における製品・サービス提供に力を注いでいます。
ジェンザイムは、これら希少疾患の分野だけでなく、循環器系疾患、神経変性疾患、その他のアンメットメディカルニーズにおいて、今日も医療革新への取り組みを続けていま

Genzyme focuses on the following broad areas of medicine:

Genetic Diseases　ゴーシェ病　ファブリー病