Report: Genzyme CEO calls acquisition by Sanofi-Aventis a long process

BOSTON — Finalizing an acquisition of biotech company Genzyme by French drug maker Sanofi-Aventis “will take some time,” media reports quoted Genzyme’s chief executive as saying.

The Boston Globe quoted Genzyme CEO Henri Termeer as saying it would be a long process to understand the company’s full value, in particular because of an investigational multiple sclerosis drug, Campath (alemtuzumab), which could achieve blockbuster sales and thus raise the company’s value and acquisition price if it wins approval.

Sanofi voiced its intent to buy Genzyme last July for $18.5 billion, or about $69 per share. The Wall Street Journal and Bloomberg reported earlier this month that contingent value rights could raise the price to as much as $80 per share.

In other news, Genzyme announced it would build a $335 million plant in Geel, Belgium, for manufacturing Myozyme and Lumizyme (alglucosidase alfa), used to treat Pompe disease. The company expects to receive approval to market drugs manufactured in the plant in 2014.