Sanofi-Aventis SA, France’s biggest drug maker, has won control of Genzyme Corp. in an acquisition worth at least $20 billion.
Genzyme holders tendered 225 million shares, or 85% of the outstanding stock in Sanofi’s takeover offer.
Sanofi is paying $74 in cash plus one contingent value right for each Genzyme share. Under the terms of the CVR, Genzyme holders may receive as much as $14 a share in additional payments, depending on the performance of the multiple-sclerosis drug Lemtrada and production levels of two other products.
Remaining Genzyme holders have four days to tender their shares. After that, any remaining Genzyme shares will be canceled and converted into the right to receive the same terms as those that were tendered.
With the acquisition, Sanofi gains treatments for rare illnesses such as Fabry, Gaucher, and Pompe diseases.
