Following months of haggling over price, the boards of French drug maker Sanofi-Aventis and Cambridge, M.A.-based biotech company Genzyme have finally agreed to a deal that will hand Genzyme over to Sanofi for a healthy $20.1 billion.
Advising on the deal -- and picking up some extremely rich advisory fees in the process -- were Evercore Partners and JPMorgan (on the Sanofi side) and Goldman Sachs and Credit Suisse (advising Genzyme).
As a result of the acquisition, "Genzyme will become a global center for Sanofi in the study of treating rare diseases, and the deal will increase the French drug maker’s presence in the Boston area. Integration planning begins immediately."
No word yet on how many jobs will become redundant as a result of the deal. Sanofi-Aventis has over 100,000 employees, while Genzyme has about 12,000.