Genzyme rejects sanofi offer

Genzyme Corp. (NASDAQ:GENZ) rejected an unsolicited offer it received on Sunday from sanofi-aventis Group (Euronext:SAN; NYSE:SNY) to acquire the biotech for $69 per share in cash, or about $18.5 billion. The offer is identical to one proposed privately on July 29; Genzyme rejected that offer on Aug. 11. The price is a 27% premium to Genzyme's close of $54.17 on July 22, the day before rumors of an offer surfaced.

sanofi said in a statement on Sunday that it made its offer public to take the proposal directly to Genzyme's shareholders. sanofi said the proposed transaction would provide a new sustainable growth platform and that Genzyme would benefit by gaining the pharma's drug development resources and manufacturing expertise. ...