MedWorm provides a medical RSS filtering service. Over 6000 RSS medical sources are combined and output via different filters. This feed contains the latest medical blog items that have been tagged with 'henri termeer'. Sat, 03 Sep 2011 02:47:56 +0100 http://www.medworm.com/index.php?rid=4560596&cid=t_311797_150_f&fid=35777&url=http%3A%2F%2Ffeedproxy.google.com%2F%7Er%2FPharmalot%2F%7E3%2FBmQMqz6sngk%2F Maybe there was a perverse logic at work when Genzyme screwed up its manufacturing so badly? The serious gaffes led to a $175 million consent decree with the FDA and closed a key plant; left patients with little or no supplies; angered investors, including Carl Icahn, who waged a proxy fight; and prompted a board probe into insider stock sales (back story here, here, here and here). But the mess also drove down Genzyme stock to the point where Sanofi-Aventis found that making a bid was too tempting to ignore. And so now the big drugmaker is paying $20 billion - or $74 a share plus contingent value rights - to acquire the beleaguered biotech which, of course, does offer Sanofi entree into biologics and other therapeutic areas. Meanwhile, Genzyme ceo Henri Termeer is going to float away hol... Pharmalot blogs http://www.medworm.com/rss/comments.php?id=4560596 Tue, 08 Mar 2011 13:31:36 +0100 4560596 http://www.medworm.com/index.php?rid=4489608&cid=t_311797_87_f&fid=34765&url=http%3A%2F%2Fhcrenewal.blogspot.com%2F2011%2F02%2Fafter-manufacturing-problems-genzyme.html In late 2009, I posted about problems at a Genzyme plant that manufactured some fabulously expensive drugs, e.g. Cerezyme whose cost to patients approximated $160,000 a year. We thought then that for a drug costing that much, the company ought to have figured out a conservative process to provide pure and unadulterated product. In a later post I asked why a company that could afford to make its CEO very rich could not afford to adequately maintain its manufacturing facilities. In May, 2010, I posted about a legal settlement of charges related to its manufacturing problems requiring Genzyme to pay a $175 million fine and function under US government supervision.  And in August, 2010, I posted about how this series of management missteps could lead to the company's C... Health Care Renewal blogs http://www.medworm.com/rss/comments.php?id=4489608 Thu, 17 Feb 2011 22:16:00 +0100 4489608 http://www.medworm.com/index.php?rid=4489978&cid=t_311797_150_f&fid=35777&url=http%3A%2F%2Ffeedproxy.google.com%2F%7Er%2FPharmalot%2F%7E3%2Fm5Z4_CQibSM%2F After chasing Genzyme around the table for several months, Sanofi-Aventis has finally reached a deal. Originally, the drugmaker offered $69 a share, but as you know, is paying $74 in cash, or roughly $20 billion, plus an unusual contingent value rights (CVR) that will be priced depending on various factors, such as fixing manufacturing problems and whether the Campath leukemia med is approved for multiple sclerosis. And so the CVR could require additional payouts of up to $4 per CVR later. Or maybe not. As for strategy, Sanofi ceo Chris Viehbacher has pooh-poohed stock buybacks and talked up the value of pursuing Genzyme and its biologics, an area of keen interest to big pharma. Then again, Genzyme is saddled with ongoing manufacturing difficulties that resulted in not only a consent decre... Pharmalot blogs http://www.medworm.com/rss/comments.php?id=4489978 Wed, 16 Feb 2011 16:34:00 +0100 4489978 http://www.medworm.com/index.php?rid=3925091&cid=t_311797_150_f&fid=35777&url=http%3A%2F%2Ffeedproxy.google.com%2F%7Er%2FPharmalot%2F%7E3%2FCi7SP87eU1o%2F Nothing like a temperature reading to assess a situation, and Genzyme ceo Henri Termeer confronts an inevitable takeover by Sanofi-Aventis, at least according to a survey of 129 buy-side managers conducted by ISI Group biotech analyst Mark Schoenebaum. The upshot: 80.2 percent believe Sanofi will buy Genzyme and 75.7 percent believe no other bidder will emerge. But what will Sanofi have to pay? Instead of the $69 offer by the big drugmaker (look here), buysiders look for a purchase price of $74 to $77 a share. For his part, Termeer tells The Boston Globe that a sale appears increasingly possible, after all. “This is not a fixer-upper, this is beachfront property,” says Termeer, who only two days earlier rejected a deal. “It’s good to have this out in the open, to ha... Pharmalot blogs http://www.medworm.com/rss/comments.php?id=3925091 Wed, 01 Sep 2010 12:27:40 +0100 3925091 http://www.medworm.com/index.php?rid=3915291&cid=t_311797_150_f&fid=35777&url=http%3A%2F%2Ffeedproxy.google.com%2F%7Er%2FPharmalot%2F%7E3%2FLO4mISQLMq8%2F After weeks of leaks, Sanofi-Aventis has made public its offer to buy up Genzyme by going directly to shareholders of the beleaguered biotech. The $18.5 billion, all-cash deal comes after Sanofi ceo Christopher Viehbacher claims he has been stonewalled by Genzyme chairman and ceo Henri Termeer. The $69-a-share offer, however, is likely to go higher, given that analysts and investors have been buzzing for awhile that a richer price is probably necessary. By publicizing the offer - and couching it in terms that portray Termeer as obstructionist - Viehbacher is pursuing an approach known on Wall Street as a bear hug, in that it is designed to force the party who unwillingly receives a takeover to enter negotiations. Termeer, of course, has been under siege for the past year due to manufacturi... Pharmalot blogs http://www.medworm.com/rss/comments.php?id=3915291 Sun, 29 Aug 2010 18:22:51 +0100 3915291 http://www.medworm.com/index.php?rid=3858381&cid=t_311797_150_f&fid=35777&url=http%3A%2F%2Ffeedproxy.google.com%2F%7Er%2FPharmalot%2F%7E3%2F6pqiSjTCyMA%2F On one hand, one could argue that Henri Termeer, the Genzyme ceo, might deserve every penny of a $23 million golden parachute in the event that Sanofi-Aventis or some other company acquires the troubled biotech. After all, Termeer, since he joined in 1983, oversaw Genzyme’s rise into a drugmaker with a market value of more than $18 billion and innovative treatments for rare diseases. On the other hand, he is also known for imperious stewardship that, most recently, was responsible for a hugely embarassing mess: a $175 million consent decree with the FDA for a raft of manufacturing gaffes. These troubles closed a key plant; left patients with little or no supplies; angered investors, including Carl Icahn, who waged a proxy fight; and prompted a board probe into insider stock sales (ba... Pharmalot blogs http://www.medworm.com/rss/comments.php?id=3858381 Wed, 11 Aug 2010 12:33:24 +0100 3858381 http://www.medworm.com/index.php?rid=3603871&cid=t_311797_150_f&fid=35777&url=http%3A%2F%2Ffeedproxy.google.com%2F%7Er%2FPharmalot%2F%7E3%2FfK6XmYccOu0%2F Carl Icahn thinks so. He wants to remove ceo, Henri Termeer, and three others from the board of the beleaguered biotech, which is paying a $175 million consent decree for serious manufacturing problems that led to a plant closure, a halt in production of key drugs, a lack of patient confidence and an internal probe into insider trading. Oh, and let’s not forget - bits of trash were found in some meds. And so Icahn filed a ‘fight deck’ with the Securities and Exchange Commission in which he accused ceo Henri Termeer of causing “significant destruction” of shareholder value, and creating and preserving a “complacent culture.’’ He also accuses Termeer, who has been ceo since 1985 and was given compensation worth $33 million since 2007, of acting like th... Pharmalot blogs http://www.medworm.com/rss/comments.php?id=3603871 Thu, 27 May 2010 12:35:46 +0100 3603871 http://www.medworm.com/index.php?rid=3556377&cid=t_311797_150_f&fid=35777&url=http%3A%2F%2Ffeedproxy.google.com%2F%7Er%2FPharmalot%2F%7E3%2FK0C6QT2IRIA%2F Sometimes, trouble begets still more trouble. Already besieged by regulators, upset patients and deep-pocketed investors, Genzyme now faces an investigation into allegations that several unnamed executives and board members “took advantage” of their knowledge of inside doings at the biotech and illegally sold some of their personal stock holdings. The Genzyme board has designated three independent directors to oversee the investigation and independent legal counsel has also been retained, although no names were offered (click here for the list of board members). This unseemly disclosure was made in a filing with the US Securities and Exchange Commission (which you can see here on page 31). The probe was prompted by nine letters from shareholders received since last August, when... Pharmalot blogs http://www.medworm.com/rss/comments.php?id=3556377 Tue, 11 May 2010 20:15:10 +0100 3556377 http://www.medworm.com/index.php?rid=3538383&cid=t_311797_150_f&fid=35777&url=http%3A%2F%2Ffeedproxy.google.com%2F%7Er%2FPharmalot%2F%7E3%2FCFEJG84zyjM%2F Declaring that Genzyme is ‘broken,’ Carl Icahn wants to remove ceo, Henri Termeer, and three others from the biotech’s board, according to a new proxy statement filed with the Securities and Exchange Commission. The move comes after months of turmoil, which began last summer when Genzyme shut its Allston Landing, Ma., plant for several weeks to remediate viral contamination. That prompted rationing of two key drugs - Cerezyme, which is used to treat Gaucher disease, and Fabrazyme for treating Fabry disease. Then, bits of trash were found in some products (background). Genzyme has scrambled to hire new execs and consultants, but the FDA is preparing a consent decree that will involve a $175 million fine. For his part, Termeer will attempt to soothe angry investors during ... Pharmalot blogs http://www.medworm.com/rss/comments.php?id=3538383 Thu, 06 May 2010 13:12:17 +0100 3538383 http://www.medworm.com/index.php?rid=3167446&cid=t_311797_150_f&fid=35777&url=http%3A%2F%2Ffeedproxy.google.com%2F%7Er%2FPharmalot%2F%7E3%2F8TqyxkbfqrA%2F Before a crowd of some 600 people at the JP Morgan Healthcare Conference in San Francisco, Genzyme ceo Henri Termeer told investors that about 80 percent of patients who use Cerezyme, which is used to treat Gaucher’s disease, have resumed treatments after manufacturing problems at its Allston Landing, Ma., plant interrupted supplies last year. Termeer also insisted the biotech hasn’t had any contact with Carl Icahn, who holds 1.5 million Genzyme shares and has been rumored to be interested in waging a proxy fight in the wake of the production gaffes. Icahn associate’s Alex Denner attended the presentation, which drew a standing-room-only crowd for a subsequent question-and-answer session, according to The Pink Sheet. Want background? Try this, this and this. [full disclos... Pharmalot blogs http://www.medworm.com/rss/comments.php?id=3167446 Wed, 13 Jan 2010 13:25:07 +0100 3167446 http://www.medworm.com/index.php?rid=3108549&cid=t_311797_150_f&fid=35777&url=http%3A%2F%2Ffeedproxy.google.com%2F%7Er%2FPharmalot%2F%7E3%2FmSgS7Op2b1A%2F Rumblings about a change at the top of the troubled biotech have been out there for months. And now, for the second time this month, those murmurings are becoming public. The latest comes from Sheridan Snyder, who founded Genzyme in 1981 and ran until he recruited Henri Termeer in the mid-1980s to take over as chief executive. Snyder wants Termeer to go. “A ceo change at Genzyme would be a good idea. Henri has had a good run of 20-plus years but what Genzyme needs now is for someone new to come in with higher energy and a different vision. This would help the company,” Snyder tells The Street. “Henri is a very bright guy but he’s also the most autocratic manager I have ever seen. He’s someone who demands absolute loyalty from everyone, but this has created a t... Pharmalot blogs http://www.medworm.com/rss/comments.php?id=3108549 Mon, 21 Dec 2009 11:58:27 +0100 3108549 http://www.medworm.com/index.php?rid=3035877&cid=t_311797_87_f&fid=34765&url=http%3A%2F%2Fhcrenewal.blogspot.com%2F2009%2F11%2Fwas-is-worst-biotech-ceo-worth.html Recently, we posted about misadventures of the leadership of biotechnology giant Genzyme.  Although the company has long priced its drug Cerezyme for the rare Gaucher's disease at a stratospheric level, it did not sufficiently reinvest money in its manufacturing facility for the drug.  Deferred maintenance at a production facility running at maximum capacity has apparently lead to two different kinds of contamination problems, forcing a shut-down of the plant, and now a shortage of the drug.  For this, Genzyme CEO Henri Termeer was just labeled the "Worst Biotech CEO of '09" by TheStreet.com.It was not always thus.  A 2008 profile of Mr Termeer in Boston Magazine chronicled the rise of Genzyme from a "startup [which] operated 15 stories above the Combat Z... Health Care Renewal blogs http://www.medworm.com/rss/comments.php?id=3035877 Fri, 27 Nov 2009 17:15:00 +0100 3035877 http://www.medworm.com/index.php?rid=3012624&cid=t_311797_150_f&fid=34768&url=http%3A%2F%2Fpharmagossip.blogspot.com%2F2009%2F11%2Fhenri-im-sure-you-are-worth-every-cent.html Jim has the story! (Source: PharmaGossip) PharmaGossip blogs http://www.medworm.com/rss/comments.php?id=3012624 Fri, 20 Nov 2009 11:08:00 +0100 3012624