Sanofi/Genzyme: Emblematic of What Big Pharma's Buying Now

Executive Summary

Sanofi-Aventis' much publicized pursuit - first hostile, then friendly - of Genzyme dominated biopharma news flow for more than half a year, with well timed information leaks and dramatic "he said, he said" commentary from the firms' CEOs. Such back and forth ensured continued high profile coverage until the companies officially affianced. But beyond the drama, the $20.1 billion deal, among the largest since the 2009 mega-mergers between Pfizer and Wyeth and Merck & Co. and Schering-Plough Corp., is worth discussion because it provides insight into what now drives big pharma dealmaking in the post-blockbuster era - and how companies want to pay for it.