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MHT's Julie Donnelly: Pharmaceuticals find drug development partners in colleges
Stock prices for Genzyme Corp. rose sharply at mid-day Friday after printed reports that the biotech company has received an inquiry about a possible acquisition from French pharmaceutical firm Sanofi-Aventis SA.
Genzyme’s stock (Nasdaq: GENZ) was trading in the $54 range throughout the morning, but jumped to more than $65 per share around 1 pm with news of the possible takeover being reported by the Wall Street Journal. The stock closed at $62.52, up 15.4 percent. The lift in price continued in early trading on Monday, with the per-share price surpassing $66. Meanwhile the Bloomberg news service reported that Genzyme has turned down a Sanofi bid.
The news came just two days after Genzyme said its second-quarter profits dropped from $187.6 million in the second quarter of 2009 to a net of just $23,000 in the quarter ending June 30. The company cited continued shortages of two drugs for rare diseases that were impacted by a viral contamination that forced a plant closure last summer. Those drugs are Cerezyme for Gaucher disease and Fabrazyme for Fabry disease.
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