Genzyme's Termeer Says He'd Sell at `Fair Value,' Not Sanofi's $69 a Share

Genzyme Corp. Chief Executive Officer Henri Termeer said he’s open to selling the biotechnology company at a “fair value,” and that Sanofi- Aventis SA’s $69-a-share offer isn’t enough.

Genzyme’s board hasn’t asked bankers to reach out to other bidders “but that’s quite obviously a logical situation to develop,” Termeer said in a telephone interview today.

Sanofi, France’s largest drugmaker, on Aug. 29 made public an offer to acquire Cambridge, Massachusetts-based Genzyme for about $18.5 billion. Genzyme, the world’s largest maker of medicines for genetic diseases, rejected the bid yesterday, saying it undervalued the company’s pipeline and efforts taken to fix contamination in a Boston manufacturing plant.

“Every company is for sale at some price,” Termeer said in the interview. “The company is not for sale at $69 and we made that clear. What the board needs to see, and what the shareholders deserve, is a fair value of the company.”

Genzyme rose 20 cents to $70.11 as of 5:19 p.m., New York time, in Nasdaq Stock Market composite trading, $1.11 more than Sanofi’s bid. The shares have gained 29 percent since July 22, the last day of trading before the French drugmaker’s interest was reported. Sanofi declined 29 cents to 45.27 euros in Paris trading.

To contact the reporters on this story: Meg Tirrell in New York at mtirrell@bloomberg.net; Elizabeth Lopatto in New York at elopatto@bloomberg.net.