Quiet panic at Genzyme as merger leaks dry up
After a week full of juicy tips about Sanofi's hotly rumored $18.4 billion offer for Genzyme, the business press has ended the week with little new to offer. About the only fresh report on Topic A in the biotech world today is from Reuters, which managed to reach an anonymous Genzyme staffer who expressed fears for his or her job safety if a big merger goes through.
"I imagine everyone is worried about losing their jobs at all levels, in all divisions, in all the back-office functions," the nameless staffer told Reuters.
Given the widespread layoffs that follow every big tie-up in the biopharma world, and Sanofi's likely intent of squeezing at least five percent in 'synergies' from any prospective deal, those fears are more than likely valid. Not news. But valid. Over at Xconomy, meanwhile, Genzyme spokesman Bo Piela is given the chance to rather lamely protest that he hasn't been the source of any leaks. In the meantime, both parties are reportedly in talks, but staying uncharacteristically mum--for one day at least.