March 7, 2011
Genzyme Board Backs Stock Sale
Genzyme Corp. moved one step closer to being acquired by French drug maker Sanofi-Aventis as its board of directors unanimously recommended that shareholders accept the $20.1-billion offer.
The Cambridge-based biotech company, which has much of its operations in Central Massachusetts, announced last month that it had reached a deal with Sanofi, after months of discussions.
The board is recommending that all shareholders tender their shares at Sanofi's offer of $74 and one contingent value right per share.
Assuming the tender offer is successful and other conditions are met, the companies expect to close the deal early in the second quarter of this year.
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