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French pharmaceuticals company Sanofi-Aventis (SNY) Tuesday said that the registration statement relating to the Contingent Value Rights offered to Genzyme (GENZ) shareholders has been declared effective by the U.S. Securities and Exchange Commission.
- In accordance with the terms of its agreement with Genzyme, Sanofi-Aventis has commenced an exchange offer to acquire all of the outstanding shares of Genzyme common stock for $74.00 in cash and one CVR per share.
- The CVR entitles the holder to receive additional cash payments if specified milestones related to LemtradaTM (alemtuzumab MS) are achieved over time or a milestone related to production volumes in 2011 for Cerezyme (imiglucerase for injection) and Fabrazyme (agalsidase beta) is achieved.
- Upon closing of the exchange offer, the CVRs will be listed on the Nasdaq market under the ticker symbol "GCVRZ".
- The exchange offer to acquire Genzyme is scheduled to expire at 11:59 p.m., New York City time, on April 1, 2011.
- By Paris Bureau, Dow Jones Newswires; +331-4017-1740; [email protected]