Sanofi bid for Genzyme to be extended: report

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French pharmaceutical giant Sanofi-Aventis is to extend a bid due to expire Friday for US biotechnology group Genzyme but without raising the offer, the newspaper Le Figaro reported Wednesday.

The bid was launched October 4 at 69 dollars a share, or 18.5 billion euros in total (24.4 billion dollars).

"Under US regulations, Sanofi-Aventis can without difficulty make use of extensions," the newspaper said.

Sanofi plans to propose issuing "guaranteed value certificates" that would enable Genzyme shareholders to receive price supplements based on the success of Campath, a planned treatment for multiple sclerosis.

The head of Genzyme, Henri Termeer, who has rejected the Sanofi bid on grounds that it undervalues his company, has said he is open to such a solution.

© 2010 AFP

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