Pharma is riding an M&A deal wave like none the industry has ever seen, with companies looking to shed noncore businesses and bulk up in areas they want to focus on. But Sanofi? Not interested, CEO Chris Viehbacher says.
Don't expect Sanofi's Chris Viehbacher to bring a shopping cart when he settles into his new home in the biopharma hub of Boston, as the CEO tells Bloomberg that he'd rather stand pat with his pipeline than pay a premium inflated by the recent biotech boom.
As CEO of Paris-based Sanofi, Chris Viehbacher has never made any secret of his crush on the Boston-area biotech hub. He paid $20 billion for Genzyme, recently bought into Cambridge, MA-based Alnylam, partnered locally and made regular appearances in local industry circles.
While other companies are hiving off large pieces of their operations to get fit and focused, Sanofi has decided to simply clean out its closet.
While other companies are hiving off large pieces of their operations to get fit and focused, Sanofi has decided just to clean out its closet. By selling off a number of older products, it can make room for the kind of bolt-on deals CEO Chris Viehbacher on Tuesday said interest him.
Just days after GlaxoSmithKline announced it would open a new R&D lab and invest more than $200 million in Africa, Sanofi CEO Chris Viehbacher is affirming his country's devotion to Africa, too.
Sanofi hasn't had much to brag about when it comes to new product launches in the 5 years since Chris Viehbacher took the helm of the pharma giant. While he's tried, not always successfully, to reinvigorate R&D--buying Genzyme in the process--new therapies have added less than a billion euros a year to the top line, according to PMLive.
Despite the recent FDA rebuke of the blockbuster hopeful Lemtrada, Sanofi CEO Chris Viehbacher believes his company is poised to cash in on "a whole raft of new products" in the coming years.
Which drugmakers are likely to be the biggest dealmakers of 2014? The direct evidence is trickling in. Sanofi CEO Chris Viehbacher, for instance, says he's looking to spend up to €2 billion on deals next year, or about $2.7 billion.
Sanofi CEO Chris Viehbacher has been talking about a return to growth for some time now. It's sort of the boy who cried wolf, but in reverse. Viehbacher hasn't been warning of a threat, he's been promising a boon.