Deals
Sanofi May Make Hostile Genzyme Bid, Citigroup Says
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Sanofi-Aventis SA may begin a hostile bid for Genzyme Corp. should the U.S. biotechnology company resist a takeover approach, analysts at Citigroup Inc. said.
No other bidder is likely to emerge for Cambridge, Massachusetts-based Genzyme, and Sanofi will probably succeed in acquiring the company for $74 to $77 a share, Citigroup analysts Mark Dainty and Yaron Werber wrote in a report to clients today. Genzyme is worth $70 a share based on estimated cash flow, and Sanofi would benefit from as much as $5.50 a share of synergies in an acquisition, they said.