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Timeline: Sanofi's quest for U.S. biotech group Genzyme
(Reuters) - French drugmaker Sanofi-Aventis SA agreed to buy Genzyme Corp for $20.1 billion in cash, plus payments tied to the success of the company's drugs, the companies said on Wednesday.
Here is an account of Sanofi's efforts to buy Genzyme:
2010
May 23 - Sanofi Chief Executive Chris Viehbacher approaches Genzyme CEO Henri Termeer about a deal. Termeer says he is open to discussing a transaction, but asks to wait until after the company's shareholder meeting in June as he tries to fend off a proxy battle with key shareholder Carl Icahn.
June 9 - Genzyme announces settlement with Icahn and appoints two directors designated by the financier.
June 28 - Viehbacher calls Termeer to set up a meeting. Termeer says he will respond soon.
July 2 - Media reports say Sanofi mulls a large U.S. biotech acquisition.
July 7 - Termeer tells Viehbacher he cannot commit to a meeting until after Genzyme's board meets on July 9.
July 10 - Termeer tells Viehbacher Genzyme's board has discussed a potential transaction with Sanofi, but has decided it was not the right time to explore such a deal.
July 28 - Sanofi's board revisits a proposed transaction with Genzyme. Viehbacher proposes sending Genzyme a letter outlining the terms of an acquisition.
July 29 - Viehbacher tells Termeer about Sanofi's plan to send a written proposal, including a price per share. The subsequent letter outlined Sanofi's $69 per share offer.
August 11 - Termeer tells Viehbacher Genzyme's board has rejected Sanofi's offer.
August 29 - Sanofi publicizes its offer for Genzyme, which Genzyme publicly rejects a day later.
September 20 - Termeer and Viehbacher meet to discuss Sanofi's proposal. Termeer refuses to give guidance on a value for Genzyme and suggests Sanofi withdraw its offer and consider making contact again in 2011.
October 4 - Viehbacher takes Sanofi's offer directly to Genzyme shareholders.
October 22 - Genzyme hosts an investor meeting to explain why it's worth more than Sanofi's offer.
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