WASHINGTON — Shares of Genzyme Corp. rose yesterday evening on a Wall Street Journal report that the biotech drug maker is discussing a more lucrative deal with French giant Sanofi-Aventis SA, which has been pursuing the company since July.
According to people cited by the Journal, the companies are discussing an agreement that would value Genzyme at $20.7 billion, or $80 per share. Cambridge, Mass.-based Genzyme has repeatedly rejected Sanofi’s takeover bid of $18.5 billion, or $69 per share.
The Journal identified the sources as “people familiar with the matter.’’
Shares of Genzyme rose $2.91, or 4 percent, to $74.25 in after-hours trading.
Calls placed to Genzyme and Sanofi were not immediately returned yesterday evening.
According to the Journal, the proposed $20.7 billion deal includes a contingent value right, a mechanism which awards shareholders additional value if certain company goals are met.
Sanofi, headquartered in Paris, is the world’s fourth-largest drug maker by sales.