Genzyme Corp.’s chief executive, Henri A. Termeer, broke his silence yesterday about an $18.5 billion offer from French drug maker Sanofi-Aventis SA to buy the pioneering Cambridge biotechnology company.
Termeer, who has run Genzyme for 27 years, built its business model around making costly drugs to treat rare genetic disorders. It has become a global biotechnology powerhouse, with about 12,500 employees and a market value of $17.8 billion.
Genzyme’s board rejected Sanofi’s cash bid of $69 a share, but Termeer said he would be open to selling the company at an unspecified higher price that recognized its “fair value.’’ Here are excerpts from Termeer’s interview with the Globe:
■ On Genzyme’s worth: “Genzyme is a very valuable asset. Genzyme shareholders know that. . . . This is a gem of a company.’’
■ On the unsolicited takeover bid: “Public companies sometimes get confronted with these moments, and we have to manage it well. We’re looking to get fair value for the company if a transaction is to happen. . . . We are a public company, and we have a fiduciary responsibility to the shareholders. I am in no way in denial about this.’’
■ On rejection of the bid: “The board made this decision unanimously. . . . I am very satisfied with the cohesiveness of the board.’’
■ On Sanofi’s motives: “They are trading at a 12-month low. They have important products that are coming off patents. They have to enhance their value. They have to enhance their future. So they are looking to Genzyme to enhance their future.’’
■ On the Sanofi CEO’s comments that Genzyme management has performed poorly: “We’re all grown-ups, so I don’t take any of this personally. It’s corporate talk. It’s not very classy to say these things. It’s a fine line. When you tell your shareholders you’re going to spend $18.5 billion for a bad property, it doesn’t make sense.’’
Robert Weisman can be reached at weisman@globe.com. 
