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Sunday, September 26, 2010

Sanofi looks to bid higher for Genzyme

Sanofi-Aventis had previously bid 69$/share for Genzyme Corp but that bid got rejected instantly. The Wall Street Journal reported Sunday that Sanofi is looking to get more funding to raise its $18.5 Billion bid.

It was reported that Sanofi has approached big lenders such as Citigroup and Bank of America in hopes to get more money. It appears that Genzyme will begin to seriously consider the offer if it were $70/share or higher. Many investors are looking for a bid around $80/share.

Sanofi-Aventis is a parmaceutical company searching to grow by acquisition as some of its key patents are expiring.