Genzyme Boss Henri Termeer Not Ready To Sell to Sanofi, Ride Into the Sunset, Sources Say
Summary
Genzyme Boss Henri Termeer Not Ready To Sell to Sanofi, Ride Into the Sunset, Sources Say Xconomy Boston — Henri Termeer has invested most of his professional life building Cambridge, MA-based Genzyme (NASDAQ:GENZ) into a global biotech powerhouse, and it could all come to an unceremonious end if French drug giant Sanofi-Aventis (NYSE:SNY) succeeds in its efforts to acquire the company.Termeer, who joined Genzyme in 1983 as president and became chief executive in 1985, is credited with leading the company’s evolution from a Boston startup into a multibillion-dollar global enterprise with about 12,000 employees.But over the past year and a half, his sterling record at the company has been tarnished by the viral contamination found at its Allston Landing plant last June and the resulting shortages of its therapies for genetic diseases.This month, Genzyme announced that it is selling its genetic testing unit and cutting 1,000 workers to improve the company’s bottom line and future prospects.But Termeer is somewhat unique among biotech chief executives, many of whom build their companies to be sold or dream of the day when a large drug maker will come along with a multibillion-dollar buyout bid.