Genzyme again rejects Sanofi buyout offer
CAMBRIDGE, Mass. The board of directors of Genzyme again has rejected a buyout offer by French drug maker Sanofi-Aventis, Genzyme said Thursday.
The biotech company’s board unanimously turned down the hostile offer Sanofi made Monday to acquire Genzyme for $18.5 billion, or $69 per share, saying it was “opportunistic” and undervalued the company.
Specifically, Genzyme said Sanofi’s offer failed to recognize its late-stage development pipeline, which includes three drugs it plans to launch by the end of 2013, including alemtuzumab, a therapy for multiple sclerosis that the company said was “potentially transformative” and had potential to capture a significant share of the global MS market after its 2012 launch. The company also has pursued a plan to cut costs and improve manufacturing and other operations, which it said Sanofi’s deal did not take into account.
Genzyme focuses on therapies to treat such rare, genetic diseases as Fabry disease and Gaucher disease, but shortages of drugs used to treat those diseases –– such as Fabrazyme (agalsidase beta) and Cerezyme (imiglucerase) –– arose last year due to product contamination issues at Genzyme’s manufacturing plants.
If successful, Sanofi’s acquisition of Genzyme would be among the largest in the industry since the wave of high-priced buyouts last year in which Pfizer bought Wyeth, Merck bought Schering-Plough and Roche bought the remaining stock of Genentech that it didn’t already own. In all three cases, the main objective was to gain access to the acquired companies’ significant portfolios and pipelines of specialty drugs, particularly biologics.
Joy and Eve Behar join heart disease awareness campaign
NEW YORK Bayer Consumer Care and WomenHeart: The National Coalition for Women with Heart Disease on Wednesday partnered with Joy Behar, co-host of the morning program “The View,” and her daughter Eve Behar around an awareness campaign to alert women that being prepared for a possible heart attack can help save their lives.
Preparedness includes recognizing the sometimes-subtle warning signs and keeping aspirin on hand to help reduce damage to the heart. To that end, the Behars, the Bayer aspirin brand and WomenHeart will be offering a special-edition pill tote with a convenient key ring that makes it easy to always have aspirin on hand.
“I’ve experienced firsthand the devastating impact that heart disease can have on a family when left unchecked, and I’ve learned that, when a heart attack strikes, your first line of defense is having an aspirin on hand to help reduce damage to the heart,” Joy Behar said. “This is especially important for women, who are less likely than men to survive [a heart attack] and are more likely to have a second attack. Being prepared can offer women and their families that second chance to embrace a heart-healthy lifestyle.”
Individuals can obtain a pill tote by visiting IAmProHeart.com and making a $5 donation to WomenHeart. For each donation, Bayer will make a matching donation of $5 to WomenHeart, up to a maximum of $100,000. These donations will help fund educational programming and outreach that enable women with heart disease to share their experiences, lessons learned and personal stories of courage and survival with other women who have or are at risk for developing heart disease.
“It’s so important for women to know their risk for heart disease, and to talk to their doctor about ways to be better prepared and better their odds of surviving should a heart attack strike without warning,” stated Karol Watson, chair of the WomenHeart scientific advisory council and co-director of the program in preventative cardiology at UCLA.
Hyperglycemia could cause Type 2 diabetes in acutely ill patients, study finds
NEW YORK Heightened blood sugar during critical illnesses could be a sign of risk for Type 2 diabetes, according to a recent study by researchers in Croatia.
The study, conducted by researchers at University Hospital Centre Rebro and published in the journal Critical Care, followed 591 patients for five years after their discharge, dividing them into a group of 398 who had normal blood sugar levels during their hospital stays, and a group of 193 who developed hyperglycemia during their stays. Of the patients with normal blood sugar, 14 developed Type 2 diabetes, while among those who had hyperglycemia, 33 developed the disease.
“Despite the fact that endocrine and metabolic changes probably occur in all acutely ill patients, evident hyperglycemia is not always present,” lead researcher Ivan Gornik said. “We hypothesized that hospital-acquired hyperglycemia can therefore reveal a patient’s predisposition to impaired glucose control, which could in [the] future lead to diabetes.”