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Sanofi-Aventis acquires Genzyme for $74 a share plus contingent $14 per share

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Executive Summary

Six months after showing its hand, Sanofi-Aventis has agreed to acquire Genzyme for $74 a share up front plus the promise of additional payments – up to an extra $14 a share – should certain commercial and manufacturing milestones be passed. The $74 a share -- $5 a share higher than the initial offer – values Genzyme at $20.1 billion. In addition to the cash payment, each Genzyme shareholder will receive one contingent value right (CVR) for each share they own, entitling them to additional cash payments should specified milestones be met.

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