Global Processing

Sanofi-Aventis Extends Genzyme Offer

December 13, 2010
The Associated Press reports, French pharmaceutical group Sanofi-Aventis is extending its unsolicited $18.5 billion takeover offer for U.S.-based biotech company Genzyme until Jan. 21. The previous $69-per-share offer expired just before midnight Friday. Only 2.21 million Genzyme shares were tendered, or about 0.9 percent of the U.S. company''s outstanding shares. Genzyme''s board reiterated its recommendation that shareholders reject the hostile takeover effort.