August 30, 2006 – Genzyme made a $355 million bid to buy Canadian biotech AnorMED. The price of $8.55 per share is a 70% premium to the closing price of AnorMED yesterday. But AnorMED’s board rejected the bid as inadequate for the value of the company. They offered to negotiate a higher price with Genzyme, but Genzyme responded by soliciting shares from stockholders at the $8.55 price. In today’s trading, the stock blew by the $8.55, in hopes that a takeover battle would ensue. We look at the company and its drugs...
