Global Processing

Sanofi Launches Hostile Bid for Genzyme

October 4, 2010

Sanofi-Aventis said that it has launched a hostile $18.5 billion offer for Genzyme Corp. after the U.S. company previously rejected an approach at the same price, reports MarketWatch. The offer is worth $69 a share in cash, representing a 31-percent premium to the average price over the month before speculation began that it had approached Genzyme. Sanofi-Aventis added that it has met with shareholders holding more than 50-percent of Genzyme. The offer is scheduled to expire on Dec. 10.