The Sanofi-Aventis Acquisition of Genzyme: Contingent Value Rights

This case is designed for MBA students in M&A or derivatives courses. In January 2011, Sanofi-Aventis was finalizing its offer terms for acquiring Genzyme. The M&A valuation disputes were about the market potential of alemtuzumab, a drug in Genzyme's pipeline, and how quickly Genzyme could resolve some of its manufacturing issues. To bridge the gap in their estimates, advisers had suggested an up-front cash payment and a contingent value right (CVR). Was a CVR the magical solution to bridging the valuation gap?

M&A valuation, market potential, biotechnology, estimates, contingent value right

Année de la problématique : 2014

Livraison : Livraison par lien de téléchargement

Nombre de pages : 16