Two interesting bids on the billboard II

The story of Sanofi-Aventis' hostile bid for Genzyme Corp continues, Chief Executive Henri Termeer said he is willing to sell the company he built up over 25 years, but not for $69 a share. In an interview with Reuters, Termeer said it was unlikely that French drugmaker Sanofi-Aventis SA would go hostile with its $18.5 billion bid and that the two sides had a good chance of coming to terms, though negotiations could last months.

On Monday, the Cambridge, Massachusetts-based biotech company rejected Sanofi's bid of $69 a share. Sanofi has hinted it may take its offer directly to Genzyme shareholders if the company refuses to enter discussions based on its current offer. Genzyme, in turn, is working its way through a manufacturing crisis that has lead to shortages of two of its biggest-selling products.

Genzyme shares closed at $70.11 on Tuesday. Investors and industry analysts polled by Reuters have said a deal could be clinched at close to $78 per share.

While 

Pfizer Inc. and FoldRx Pharmaceuticals, Inc., a privately held drug discovery and clinical development company, today announced that they have entered into an agreement under which Pfizer will acquire FoldRx. 

FoldRx has filed a marketing authorization application (MAA) for tafamidis with the European Medicines Agency, and is currently in communication with the FDA to define its pathway for filing in the U.S. Tafamidis has orphan drug designation in both the U.S. and European Union (EU) and Fast Track designation in the U.S. for the treatment of ATTR-PN.

FoldRx has employed its proprietary yeast-based drug target discovery platform to build its portfolio of preclinical and clinical candidates. Its screening engine is rapid and efficient in evaluating potential treatment candidates in a wide range of diseases caused by misfolded proteins. Using this screening engine, FoldRx is also actively engaged in an innovative early drug discovery program to identify therapeutic agents for cystic fibrosis, Parkinson's disease and Huntington's disease.

While specific financial terms were not disclosed, Pfizer will make an upfront payment and contingent payments if certain milestones are achieved. The closing of the transaction is subject to regulatory approval in the United States and is expected to occur later this year.

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