Genzyme Stays Hot on GlaxoSmithKline Report

FOXBusiness

Shares of biotech company Genzyme (GENZ) stayed hot on Monday amid reports that Sanofi-Aventis (SNY) isn’t the only big drug maker interested in acquiring Genzyme.

According to The Wall Street Journal, GlaxoSmithKline (GSK) is also eyeing Genzyme, recently making “a very casual approach” to the company, which makes drugs for rare, inherited diseases.

Continue Reading Below

The news lifted Genzyme’s stock 6.06% to $66.27 Monday. Genzyme’s shares surged 15.4% to $62.52 on Friday after the Journal reported Sanofi-Aventis has made an informal acquisition approach to Genzyme.

In its pitch to Genzyme, U.K.-based Glaxo told execs to keep the company in mind if they consider selling the company, the Journal reported. But the talks haven’t escalated beyond that casual expression of interest, the paper reported. Johnson & Johnson (JNJ was also mentioned as a potential suitor of Genzyme’s.

Glaxo’s shares price took a minor hit on the news, sinking 0.35% to $36.37. Sanofi Aventis was recently up 0.71% to $29.56, trimming its 2010 loss of 25%.

What do you think?

Click the button below to comment on this article.