This case is designed to be part of an MBA corporate finance class. In October 2010, Henri Termeer, the chairman and CEO of Genzyme, received a letter from the CEO of Sanofi-Aventis announcing its intention to commence a tender offer for Termeer's firm. Termeer thought the offer undervalued Genzyme given the number of promising new drugs in the company's pipeline and the success of its current drug portfolio. To estimate Genzyme's fundamental value, students must conduct a discounted cash flow and other valuation analyses.