Genzyme shareholders will receive $74 a share, a 37 percent premium to the company’s share price before rumors of a potential deal emerged in late July. In addition to the cash, shareholders will also receive so-called contingent value rights that will pay up to $1 per CVR share if Genzyme’s drug Lemtrada is approved by the Food and Drug Administration for the treatment of multiple sclerosis, another $12 if the drug then hits certain sales targets, and a final $1 per share if manufacturing levels for two other Genzyme drugs hit projected 2011 targets.
The parties hope to close the deal early in the second quarter pending approvals from Genzyme shareholders. E.U. and U.S. antitrust regulators had already blessed Sanofi’s bid by the time the deal was signed.
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