It seems that months of merger talks between French pharma Sanofi-Aventis and U.S. biotech Genzyme have entered the home stretch. This week, Sanofi is expected to offer $74 a share for Genzyme, with an option included potentially worth $5 to $6 a share.
Just after Genzyme announced that it signed a confidentiality agreement with Sanofi Aventis to allow the French drugmaker to examine its books, leaks about the potential deal started pouring out. The numbers and details vary, so this long battle may not be over yet.
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.
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 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.