Genzyme to pursue rare hostile biotech bid

Cambridge, MA-based Genzyme says it will pursue its hostile takeover of AnorMed with a tender offer of $8.55 per share, a 70 percent premium on the Canadian biotech's trading price. The New York Times' Andrew Pollack polled a group of industry execs, none of whom could recall any recent example of a hostile takeover in the biotech industry. Analysts say that a successful hostile takeover could trigger a walkout by key people in a biotech outfit, significantly reducing its value. AnorMed, though, may be a special case. Baker Brothers Advisers engineered a board coup at the company last April. The new board, meanwhile, has brought in Goldman Sachs to evaluate "strategic alternatives," a sign for some that they just want a higher offer before agreeing to sell.

- here's the article on the takeover attempt from The New York Times