Sanofi-Aventis (SASY.PA) has made progress in talks with U.S. bid target Genzyme (GENZ.O) and leaders of both companies may bump into each other in Davos this week, Sanofi's CEO said on Wednesday. Teams from both companies have been meeting to discuss a negotiated deal after Sanofi's $18.5 billion offer, worth $69 per share, was rejected by Genzyme as too low. "There are still gaps but I think we have made some progress," Chris Viehbacher told Reuters on Wednesday, adding that a so-called contingent value right for a key drug could offer Genzyme shareholders "significant value". Asked if he would meet Genzyme chief executive Henri Termeer while both were attending theannual meeting of the World Economic Forum, Viehbacher said: "I have no plans, but we may run into each other".
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