Genzyme has confirmed that its board of directors has unanimously voted to reject the latest share tender offer from Sanofi-Aventis, recommending shareholders to do the same.
The US-based pharmaceutical firm has been courted by Sanofi-Aventis for a number of months, having rejected two previous unsolicited proposals.
Genzyme currently has a number of products in its late-stage pipeline, including three breakthrough products expected for launch before the end of 2013.
The most notable of these is multiple sclerosis medication alemtuzumab, which is projected to carve out a $14bn share of the global multiple sclerosis market on its launch in 2012.
The company confirmed that it remains “unanimously resolute” in believing that the offer price of $69 per share undervalues the company and fails to recognise plans to increase shareholder value and, as such, is not in the best interests of shareholders.
Genzyme also revealed a five-point plan to focus on its core business, working to establish improvements in manufacturing whilst divesting non-core businesses, reducing costs and improving margins, which would create added value.