Friday, October 08, 2010

Genzyme’s board says no to Sanofi -

Biotech firm Genzyme Corp. yesterday said its board of directors has rejected Sanofi-Aventis SA’s $69 per share offer and has recommended that Genzyme shareholders do not sell their shares to the French drug maker.

Cambridge-based Genzyme said its board voted unanimously to reject the unsolicited offer.

The move comes three days after Sanofi-Aventis, the world’s fourth-biggest drug maker, initiated a hostile takeover attempt for Genzyme, escalating a three-month battle to acquire the maker of lucrative drugs for rare genetic disorders.

Posted via email from Jack's posterous

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