Drug maker Genzyme Corp. said it extended a buyout offer to AnorMed Inc. shareholders, giving them until Oct. 23 to consider its $380 million takeover proposal.
The deadline had been set to expire Oct. 7.
In September, Cambridge, Mass.-based Genzyme proposed buying the Canadian company for $8.55 per share. AnorMed rejected the offer and Genzyme then brought the bid directly to shareholders. At the same time, biotech company Millennium Pharmaceuticals Inc. offered $12 a share, or $515 million, for the company.
AnorMed is recommending the Millennium offer, which expires Nov. 10
On Thursday, AnorMed said Genzyme was willing to match Millennium's offer but has not formally filed a revised offer.
The deadline had been set to expire Oct. 7.
In September, Cambridge, Mass.-based Genzyme proposed buying the Canadian company for $8.55 per share. AnorMed rejected the offer and Genzyme then brought the bid directly to shareholders. At the same time, biotech company Millennium Pharmaceuticals Inc. offered $12 a share, or $515 million, for the company.
AnorMed is recommending the Millennium offer, which expires Nov. 10
On Thursday, AnorMed said Genzyme was willing to match Millennium's offer but has not formally filed a revised offer.
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5:08 PM
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