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Article: Genzyme Wants AnorMed For $380M; AnorMed Uninterested.
- Article from:
- BIOWORLD Today
- Article date:
- November 3, 2009
CopyrightCOPYRIGHT 2009 A Thomson Healthcare Company. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Staff Writer
After AnorMed Inc.'s board rejected an unsolicited $380 million takeover bid, Genzyme Corp. said it plans to go to AnorMed shareholders with a proposal to acquire the company.
Cambridge, Mass.-based Genzyme made a cash offer to purchase all outstanding shares of AnorMed for $8.55 each. Though the offer represents a 70 percent premium to AnorMed's Aug. 29 closing price of $5.02, it was "just too low" and "not acceptable to us," said Kenneth Galbraith, chairman and interim CEO of Vancouver, British Columbia-based AnorMed.
"We thought Genzyme was being too opportunistic and was trying to take advantage of the fact that capital markets ...