Genzyme's ($GENZ) Termeer ponders poison pills and CVRs

Just in case anyone at Sanofi-Aventis ($SNY) had missed his position, Genzyme ($GENZ) CEO Henri Termeer (photo) told France's Le Figaro that he would be open to linking the performance of the experimental multiple sclerosis drug Campath to any buyout offer that comes his way. But he's also pondering a series of poison pills that could be used to avert a hostile takeover.

Sanofi and Genzyme have developed radically different sets of sales forecasts for Campath. Crucial late-stage data on the drug is due next year, and Genzyme reportedly has explored the use of contingent value rights, in which a buyer would pay shareholders milestone payouts based on the future commercial success of the therapy, to pave the way to a takeover.

Termeer also made clear that he isn't opposed to Sanofi's takeover so much as its lowball offer, which has remained stuck at $69 a share. So far, the two companies remain far apart in how they view the value of Genzyme, with no signs of a White Knight to break the logjam.

- here's the Reuters story
- get the Bloomberg report

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