Argument for $89

Genzyme Corp. management declined to say it in so many words, but Friday's investor presentation was a two-hour argument for why the company is worth $89 a share rather than the $69 being bid by sanofi-aventis Group.

Chairman, President and CEO Henri Termeer laid the groundwork for the argument, which is mainly that sanofi-aventis is basing its bid on numbers that are now outdated, given both the almost-completed resolution of Genzyme's manufacturing issues and the potential for Campath alemtuzumab in multiple sclerosis (MS)...