genzyme rejects sanofis bid

Genzyme, which makes drugs to treat leukemia and multiple sclerosis, has rejected a hostile takeover bid from French drugmaker Sanofi-Aventis. The offer "dramatically undervalues" Genzyme, the company said Friday, putting its value about 30% higher.

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.

One of the most interesting merger and acquisition sagas of the past month is no doubt Sanofi-Aventis' courtship of rare-disease biotech firm Genzyme. As Genzyme rejects Sanofi's $18.5 billion offer, could a hostile bid be next?