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Sanofi-Aventis extends offer for Genzyme

Sanofi-Aventis extends offer for Genzyme
AP
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First Published: Mon, Mar 07 2011. 05 20 PM IST
Updated: Mon, Mar 07 2011. 05 20 PM IST
Paris: France’s Sanofi-Aventis SA says it will extend its cash buyout offer for Genzyme until next month, as part of its agreed $20.1 billion takeover of the US-based specialty drugmaker.
The French pharmaceutical giant says in a statement Monday that the $74-a-share offer will now close on 1 April. It had been scheduled to end on 16 March.
Sanofi, the world’s fourth-largest drugmaker, overcame Cambridge, Massachusetts-based Genzyme’s reluctance to a takeover last month by raising its previous offer and agreeing to make additional cash payments pending the success of several drugs.
The deal was struck after nearly nine months of back and forth, with Sanofi-Aventis finally deciding Genzyme’s portfolio of rare disease treatments was worth adding an extra $5 a share to its original offer.
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First Published: Mon, Mar 07 2011. 05 20 PM IST