Genzyme and Sanofi: to spite my mother-in-law, will I tear out my eye?
Ilya Dugin
Farmvestnik on materials fox2now.com and firstwordplus.com
Genzyme sells Genetic Research DivisionThe American biotech company Genzyme has announced the sale of its genetic research division to Laboratory Corp. of America Holdings (LabCorp), specializing in laboratory research.
The transaction amount is US$ 925 million in cash.
(Cash– it doesn't seem to be a typo. For example, on the MarketWatch website it says: "for $925 million in cash". I wonder how much this wad of cash weighs? – VM.)
Genzyme put the division up for sale in May this year in order to increase the stock exchange value.
All employees of the division (1,900 people) will be offered a job at LabCorp. The transaction is subject to approval by the antimonopoly authorities. Its completion is expected at the end of 2010.
Genzyme cuts 1 thousand jobsAccording to Henry Termeer, executive director of the American biotech company Genzyme, the planned reduction is aimed at achieving significant financial resources by 2012.
It is planned to reduce 10% of the company's staff (about 1 thousand employees) within 15 months.
In addition, the head of the company noted other initiatives that will be discussed in the near future, including reducing the number of employees working under a contract of employment, freezing the hiring of new employees with the exception of the most important positions (quality control and production), as well as outsourcing a number of functions.
According to Genzyme Director of Corporate Relations Bo Piela, the company will officially announce the cuts after notifying employees.
Recall that less than 2 weeks ago, the Board of Directors of Genzyme rejected an offer to buy the company from the French pharmaceutical company Sanofi-Aventis for $ 18.5 billion.
(Sanofi, however, has not abandoned its intentions. I wonder how this deal will affect his attempts to swallow Genzim? – VM.)
Portal "Eternal youth" http://vechnayamolodost.ru14.09.2010