Feb 1 2011
Genzyme Corp. (NASDAQ: GENZ) announced today that ongoing discussions with Sanofi-Aventis have progressed to the point where Genzyme's board has authorized the company to enter into a confidentiality agreement with Sanofi-Aventis in order to allow Sanofi to conduct due diligence. Discussions between Genzyme's advisors and Sanofi's advisors and between Genzyme and Sanofi representatives are continuing. These discussions have focused to a significant degree on the potential use of a contingent value right for alemtuzumab as a part of a potential resolution of the differences in valuation between the parties, and the parties have also discussed other potential terms for a negotiated transaction.
Genzyme can provide no assurance that discussions with Sanofi will result in a transaction that will be determined by its board to be in the best interests of the company and its shareholders.