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Thursday, October 14, 2010
Genzyme makes employee plans in case of possible takeover
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An internal Genzyme Corp. memo, obtained by Mass High Tech, outlines a new employee retention program designed to keep workers from fleeing the company in the midst of layoffs and a potential hostile takeover by French drug maker Sanofi-aventis.
The letter from CEO Henri Termeer reads in part:
“During these challenging times, Genzyme is committed to doing the right thing for employees and helping you remain focused on the important work you do.”
The Genzyme board, according to the memo, has decided to vest all employee stock options if the company is acquired, regardless of when the options were awarded or originally set to vest.
Employees of the businesses impacted by the recently announced divestitures (Genetics, Diagnostics, and Pharmaceuticals) are not eligible for the new stock program, Termeer’s note said, because they already have other incentive programs in place.
In closing, Termeer wrote, “I expect that this new program will help us in moving past the current distractions and staying focused on the critical work we have ahead of us.”
Sanofi-aventis has repeatedly pursued Genzyme with an $18.5 billion unsolicited tender offer, which the Genzyme board has rejected.
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