Sanofi extends bid for Genzyme

13th December 2010, Comments 0 comments

French pharmaceutical giant Sanofi-Aventis said Monday it had extended its bid for US biotechnology group Genzyme without improving the offer after an initial deadline expired.

Sanofi's original offer of 69 dollars per share, launched October 4 after months of fruitless talks with Genzyme, expired at US midnight Friday.

Sanofi-Aventis said the terms of the extended offer were unchanged despite

Genzyme rejectingd the 18.5-billion-dollar offer (14 billion euros) at 69 dollars a share, on grounds that it undervalued the group.

Genzyme since September has pressed for a higher bid as a condition for taking part in formal talks, an overture Sanofi has resisted.

© 2010 AFP

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