January 31, 2011 08:30 AM Eastern Time
Genzyme Will Allow Sanofi-Aventis to Conduct Due Diligence
CAMBRIDGE, Mass.--(BUSINESS WIRE)--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
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.
One of the world's leading biotechnology companies, Genzyme is dedicated
to making a major positive impact on the lives of people with serious
diseases. Since 1981, the company has grown from a small start-up to a
diversified enterprise with approximately 10,000 employees in locations
spanning the globe.
With many established products and services helping patients in 100
countries, Genzyme is a leader in the effort to develop and apply the
most advanced technologies in the life sciences. The company's products
and services are focused on rare inherited disorders, kidney disease,
orthopaedics, cancer, transplant, and immune disease. Genzyme's
commitment to innovation continues today with a substantial development
program focused on these fields, as well as cardiovascular disease,
neurodegenerative diseases, and other areas of unmet medical need.
Genzyme has filed with the Securities and Exchange Commission a
Solicitation/Recommendation Statement on Schedule 14D-9 relating to the
tender offer by Sanofi-Aventis. Genzyme shareholders are advised to read
the company's Solicitation/Recommendation Statement on Schedule 14D-9
because it contains important information. Shareholders may obtain a
free copy of the Solicitation/Recommendation Statement on Schedule
14D-9, as well as any other documents filed by Genzyme in connection
with the tender offer, free of charge at the SEC's website at http://www.sec.gov.
In addition, investors can obtain free copies of these documents from
Genzyme by directing a request to Genzyme at 500 Kendall Street,
Cambridge, MA 02142, Attention: Shareholder Relations Department, or by
calling 617-252-7500 and asking for the Shareholder Relations Department.
Genzyme’s press releases and other company information are available at www.genzyme.com
and by calling Genzyme’s investor information line at 1-800-905-4369
within the United States or 1-678-999-4572 outside the United States.