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Takeover battle for biotech firm


Sanofi-aventis has taken its $69 per share offer for Genzyme Corp straight to the US biotech firm’s stakeholders in a hostile takeover bid.

The offer from the French pharmaceutical giant values the American company, which makes drugs for high cholesterol and lucrative treatments for rare genetic disorders, at $18.5 billion.

An identical friendly offer was previously made by the company in July and publicly disclosed in August, but Sanofi-aventis CEO, Chris Viehbacher, said Genzyme management “refused to engage in constructive discussions”.

Viehbacher claims to have met with shareholders in possession of more than 50% of Genzyme’s capital and is “confident the offer will be successful”. The new offer will be open until December 10.

Copyright Press Association 2010


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