Sanofi Extends Genzyme Bid Again as Talks Continue
January 24, 2011 4:11 PM
French drugmaker Sanofi-Aventis (NYSE: SNY) extended its $18.5 billion tender offer for U.S. biotech Genzyme (NASDAQ: GENZ) on Monday for a second time, as the companies continued talks on a deal.
Sanofi said 0.4% of Genzyme's shares were tendered by a Friday deadline, adding its $69 per share offer, which has been rejected by Genzyme, would now run until February 15.
Genzyme, which specializes in rare diseases, has said Sanofi's bid was too low given it has been recovering from a manufacturing crisis and has high hopes for experimental multiple sclerosis treatment Lemtrada.
Following months of deadlock, the companies started talks this month by addressing the possible use of contingent value right, an extra fee shareholders will receive if Lemtrada hits certain milestones.
