Sanofi-Aventis sticking to first offer for Genzyme
French drugmaker Sanofi-Aventis SA says it's sticking to its original offer of $69 per share to buy Cambridge biotechnology company Genzyme Corp.
That's despite rumors that Paris-based Sanofi has upped its offer by $2 a share, two months after its first overture to Genzyme. Genzyme has rejected the $69 offer, which would make the deal worth $18.5 billion, saying that undervalues Genzyme.
With media in Europe today reporting a higher offer of $71 per share, a Sanofi spokesman in the US says the company hasn't changed the price it proposed two months ago. Meanwhile, spokesman Jack Cox confirms that Sanofi chief executive Chris Viehbacher has been meeting privately with Genzyme shareholders in the US this week to promote the offer.