Genzyme Corporation

French pharmaceutical giant Sanofi-Aventis says its multiple sclerosis drug teriflunomide significantly cut relapses in patients who took the once-daily oral treatment.

There's a new plot twist in the takeover battle between French pharmaceutical giant Sanofi-Aventis and U.S. drugmaker Genzyme. A regulatory filing made by Genzyme on Thursday claims Sanofi may be willing to go much higher than its current $69 bid -- a claim the French company disputes.

After months of courting U.S. drugmaker Genzyme, French pharmaceutical company Sanofi-Aventis launched a hostile bid valued at approximately $18.5 billion, or $69 a share, for all outstanding shares of Genzyme common stock.

French pharmaceutical company Sanofi-Aventis announced a 10-year agreement with Covance on Thursday under which the Princeton, N.J.-based contract research firm will provide it with drug development services. Sanofi-Aventis will pay Covance between $1.2 billion to $2.2 billion.

Sanofi-Aventis, which has been unsuccessful recently in its courtship of U.S. giant biotech Genzyme, announced another setback today. A late-stage trial of NV1FGF did not meet its primary goal of preventing a major amputation or death from any cause over 12 months.

Sanofi-Aventis CEO Chris Viehbacher said Wednesday that he believes his French pharmaceutical company will eventually buy U.S. biotech company Genzyme at a reasonable price. However, he expects it will take some time to agree on a deal, and he won't rush into anything.

Genzyme (GENZ) announced that it has agreed to sell Genzyme Genetics to Laboratory Corporation of America Holdings (LabCorp) (LH) for for $925 million in cash. Cambridge, Mass.-based Genzyme said that under the terms of the agreement, LabCorp will purchase the genetic testing business in its...