Genzyme Corp. (NASDAQ: GENZ) said that its board of directors urged shareholders to take no action on an unsolicited tender offer from sanofi-aventis to acquire all outstanding common shares of Genzyme for $69 per share. Genzyme's board will review the offer, together with its independent financial and legal advisors, and will advise shareholders of its formal position within ten business days by filing with the Securities and Exchange Commission a solicitation/recommendation statement on Schedule 14D-9.
About Genzyme
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 more than 12,000 employees in locations spanning the globe and 2009 revenues of $4.5 billion. In 2010, Genzyme was named to the Fortune 500.
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's press releases and other company information are available at www.genzyme.com.