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Genzyme snubs offer from Sanofi-Aventis

This article was originally published in Scrip

Executive Summary

After months of speculation Sanofi-Aventis, the French pharma major, at the weekend unveiled an all-cash $69.00 a share bid for Genzyme, which values the US biotech at about $18.5 billion. Not surprisingly, the Genzyme board unanimously rejected the offer claiming it to be "an opportunistic proposal with an unrealistic starting price that dramatically undervalues our company".



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