Genzyme boosting hostile bid for AnorMED
Last Updated: Thursday, October 5, 2006 | 4:17 PM ET
CBC News
AnorMED Inc. said Thursday that U.S. firm Genzyme Corp. is considering raising its hostile takeover bid for the company.
Vancouver-based AnorMED, a pharmaceutical company, said Massachusetts-based Genzyme has proposed boosting its offer from $8.55 US per share in cash to more than $12 US per share.
On Sept. 26, Millennium Pharmaceuticals, which is also based in Massachusetts, announced it would pay $12 US a share in cash for AnorMED, valuing the company at $515 million US. That friendly bid topped Genzyme's original $8.55 US-per-share offer of late August.
"We remain focused on achieving maximum value for all our shareholders," Kenneth Galbraith, AnorMED's chairman and interim CEO, said Thursday after Genzyme's announcement.
"We continue to recommend the planned tender offer by Millennium as offering fair and certain value for our shareholders. If we receive a superior proposal from Genzyme or any other third party, Millennium has the opportunity to match or exceed that superior proposal," he said.
AnoreMED works on the discovery, development and commercialization of new therapeutic products in the areas of hematology, oncology and HIV.
Shares of AnorMED rose by 95 cents to end at $15.10 on the TSX.
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