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Funds “lined up” for Genzyme bid


Sanofi-aventis is lining up funds to increase its $18.5 billion bid forUS-based biotechnology firm Genzyme Corp, according to reports.

The French drug-maker had its first offer rejected last month, with Genzyme saying the proposal “undervalues” the company.

But the Wall Street Journal has quoted sources saying that “Sanofirecently approached big lenders, such as Citigroup Inc and Bank ofAmerica, about funding an offer that already has backing from JPMorganChase & Co, BNP Paribas SA and Soci Grale SA.”

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Sanofi-aventis has more than 100,000 employees in over 100 countries, with over 1,800 people employed in India alone.

The WSJ report claims that the global healthcare company is unsure howmuch to raise its original $69 a share offer to, and has requestedGenzyme quote what price they will consider.

The company hopes this will initiate negotiations, the report added.

Copyright Press Association 2010

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