We're happy the way we are, thank you very much. That's what Genzyme CEO Henri Termeer (photo [1]) has to say to rumors that the company could be next on the list of Big pharma biotech buyouts. Activist investor Carl Icahn (photo [2]) recently took a 1 percent stake in the Boston-based biotech, igniting speculation that Genzyme would soon find itself on the auction block. After all, two other biotechs--MedImmune [3] and Biogen Idec [4]--ended up there after Icahn got involved.
But Termeer says acquisition by a Big Pharma just doesn't make sense for either party. Genzyme, which has a market value of about $19 billion, specializes in treatments for rare diseases--hardly fertile territory for a pharmaceutical company looking for its next blockbuster. Genzyme already has its own worldwide sales force, and the company's long-term prospects as an independent operation look good. Since learning of Icahn's move, Termeer has been on the road convincing analysts that Genzyme works better as a stand-alone company.
- see this Wall Street Journal article [5] for more
Related Articles:
Is Carl Icahn out to buy Genzyme? Report [6]
Who's next on the biotech buyout hit list? Report [7]
Boston officials herald big Genzyme expansion. Report [8]
The growing power of biotech. Editorial [9]
Links:
[1] http://www.fiercebiotech.com/pages/genzyme-ceo-henri-termeer
[2] http://www.fiercebiotech.com/story/carl-icahn/2007-10-15
[3] http://www.fiercebiotech.com/story/astrazeneca-snares-medimmune-in-15.6b-buyout/2007-04-23
[4] http://www.fiercebiotech.com/story/biogen-idec-play-after-icahn-makes-his-move/2007-10-15
[5] http://online.wsj.com/article/SB119691039937115442.html?mod=health_home_stories
[6] http://www.fiercebiotech.com/story/carl-icahn-out-buy-genzyme/2007-11-15
[7] http://www.fiercebiotech.com/story/whos-next-biotech-buyout-hit-list/2007-10-16
[8] http://www.fiercebiotech.com/story/boston-officials-herald-big-genzyme-expansion/2007-09-18
[9] http://www.fiercebiotech.com/story/growing-power-biotech/2007-10-15