Sanofi-Aventis Mulling Higher Genzyme Offer

French pharma giant Sanofi-Aventis

is said to be considering a higher offer for biotech firm Genzyme

, Bloomberg News reported, citing people familiar with the talks. As early as next week, Sanofi-Aventis could boost its $69-a-share offer for Genzyme by a $1 or $2 a share. Over the weekend, Sanofi said it would not raise its $69-a-share offer, which values Genzyme at $18.5 billion. The company denied a Wall Street Journal report that said Sanofi had been talks with banks about securing additional financing to make a higher offer. Still, an offer of $70 or $71 may not be a enough to get Genzyme to the negotiating table because Genzyme investors are reportedly holding out for an offer of $75 or $80 a share. Genzyme is the largest maker of treatments for genetic diseases and its drugs are based on complex formulas making them hard to replicate and less vulnerable to generic competition.