Sanofi Genzyme Merger

(1) Brief Chronology 5/23/2010- Sanofi’s CEO Chris Viehbacher approaches Genzyme’s CEO Henri Termeer about an acquisition. Termeer expresses interest but wishes to discuss the possible deal after the company’s shareholder meeting in June. 6/28/2010- Viehbacher calls Termeer to set up a meeting and Termeer promises to respond soon. 7/2/2010- The media becomes alerted about Sanofi wishing to purchase a U.S. biotech company as rumors circulate about Genzyme. 7/29/2010- Sanofi sends a private letter to Genzyme’s board of directors offering $69/share in cash. 8/22/2010- Genzyme rejects Sanofi’s offer. 8/29/2010- Sanofi goes public with its offer of $69/share. 8/30/2010- Genzyme publicly rejects Sanofi’s offer once again. 10/4/2010- Sanofi goes hostile and begins to directly solicit to Genzyme shareholders maintaining the $69/share value. The offer is to expire on December 10, 2010. 12/10/2010- Sanofi’s tender offer is a failure for only 0.9% of Genzyme shareholders tendering their shares at the $69 offer price. Sanofi decides to extend its tender offer of $69 until January 21, 2011. 1/24/2911- Sanofi extends its tender offer again until February 15th 2/15/2011- Sources claim that Sanofi has agreed in principle to buy Genzyme for $19.2 billion in cash plus a CVR. This is a value of $74/share and as much as $5/share more if a drug or development sells well in the future. Shares of Genzyme jumped to 3.5%. 2/16/2011- Sanofi-Aventis agrees to pay $20.1 billion for Genzyme plus the conditional performance fees. 4/7/2011- Tender offer expires at the new price and Sanofi-Aventis has ownership of over 90% of Genzyme’s outstanding shares. 237,312,826 shares of Genzyme common stock were validly tendered. 4/8/2011- Sanofi publicly announces the successful acquisition of Genzyme corporation. 7/29/2011 Sales grow up to 6.9% as a result of the Genzyme acquisition.