It looks like that Genzyme has won the battle to acquire Canada's AnorMed. AnorMed's board has approved Genzyme's offer of $13.50 a share, which values the company at $580 million. That's $200 million more than Genzyme first offered and significantly higher than the $515 million offered by Millennium Pharmaceuticals in a competing bid. Millennium has bowed out of the bidding, but says it's owed $19.5 million under the terms of its pact with AnorMED. The deal will net Genzyme AnorMed's lead product: Mozobil, now in Phase III for hematopoietic stem cell transplantation.
- here's the release [1] on the buyout agreement
- and more [2] on the deal from the CBC
Related Articles:
Genzyme to pursue rare hostile biotech bid. Report [3]
Millennium to buy AnorMed for $515M. Report [4]
Genzyme boosts AnorMed bid to $580M. Report [5]
AnorMED gives Genzyme bid thumb's up. Report [6]
Links:
[1] http://www.earthtimes.org/articles/show/news_press_release,5462.shtml
[2] http://www.cbc.ca/money/story/2006/10/17/anormed.html
[3] http://www.fiercebiotech.com/story/genzyme-to-pursue-rare-hostile-biotech-bid/2006-08-31
[4] http://www.fiercebiotech.com/story/millennium-to-buy-anormed-for-515m/2006-09-27
[5] http://www.fiercebiotech.com/story/genzyme-boosts-anormed-bid-to-580m/2006-10-10
[6] http://www.fiercebiotech.com/story/anormed-gives-genzyme-bid-thumb-s-up/2006-10-13