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.
via bostonherald.com
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