9/16/2013 8:46:48 AM
Repurchasing L'Oreal's 9 percent stake in Sanofi might make sense for the French drugmaker if the $12 billion holding is put up for sale, Sanofi's chief executive said on Friday. Chris Viehbacher told an investor conference the group had the resources to do "opportunistic" share buybacks, as well as making bolt-on acquisitions and potentially increasing its stake in U.S. biotech firm Regeneron Pharmaceuticals. Shares in Regeneron jumped more than 5 percent to an all-time high of $288.50 in New York after his comments, also buoyed by Lazard Capital Markets and RBC raising their price targets for the stock. Sanofi and L'Oreal shares were little changed.
Help employers find you! Check out all the jobs and post your resume.
comments powered by