The Sanofi-Aventis Acquisition of Genzyme: Contingent Value Rights Harvard Case Solution & Analysis

The case is set for the students from the MBA in Merger and Acquisition or related courses. Sanofi-Aventis was considering to finalize its offer terms for the acquisition of Genzyme in January 2011. The market potential of a drug in Genzyme’s pipeline, alemtuzumab, and how early Genzyme could overcome the defects present in its manufacturing, both would play a significant role in valuation of this M&A.

To overcome the differences in the estimation set by each party, consultants asked for an up-front cash payment and a contingent value right (CVR). Would a CVR prove to be helpful to minimize the valuation gap?

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The Sanofi-Aventis Acquisition of Genzyme: Contingent Value Rights

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