Biover­a­tiv ex­ecs haul in new for­tunes af­ter pa­tient­ly wait­ing for Sanofi to bid up its $11.6B ex­clu­sive buy­out

It took more than 8 months and a se­ries of sweet­ened of­fers, but Sanofi $SNY was able to close their $11.6 bil­lion deal to buy Biover­a­tiv with­out trig­ger­ing an auc­tion. And in the process they made a new set of biotech mil­lion­aires, with Biover­a­tiv CEO John Cox lead­ing the pack with a pay­out worth more than $85 mil­lion.

Biover­a­tiv spelled out the slow-mov­ing dis­cus­sions in an SEC fil­ing to­day, not­ing that Sanofi’s rep­re­sen­ta­tives at Lazard made the first over­ture to Biover­a­tiv in­vestor and board mem­ber Alex Den­ner on May 8.

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