Report: Sanofi To Up Genzyme Bid

1/14/11

French drug giant Sanofi-Aventis (NYSE: SNY), which has been courting Cambridge, MA-based Genzyme  (NASDAQ: GENZ) with a buyout offer, could be willing to pay up to $76 per share for the biotech, according to reports by the French newspaper Le Figaro. Last month, Sanofi said it would give Genzyme until January 21st to accept its $18.5 billion ($69 per share) bid. Under the new terms being discussed, the French firm, which launched a hostile takeover bid for Genzyme in October, could pay up $70 to $71 per share in cash, with the remainder as rights-based financing dependent on Genzyme’s performance.

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