Sanofi issues statement on its Genzyme bid
Sanofi Aventis SA, the French drug giant that has made a hostile bid to buy Genzyme Corp. for $18.5 billion, announced today that the waiting period required under the Hart-Scott Rodino Antitrust that applies to its proposed acquisition of Genzyme has expired.
The expiration of the Hart-Scott Rodino waiting period is a requisite step in satisfaction of the condition to the tender offer relating to antitrust approvals, Sanofi said in a press release.
Sanofi noted that on Oct. 4, it commenced a tender offer to purchase all outstanding shares of common stock of Cambridge-based Genzyme for $69 per share in cash.
Genzyme has rebuffed that bid on the grounds that it undervalues the Massachusetts company
Genzyme is set to report earnings today and it has scheduled an investment conference in New York for Friday.
To read some recent stories about Sanofi's efforts to buy Genzyme, please click here.