French drugmaker Sanofi-Aventis (SASY.PA) extended its snubbed $18.5 billion tender offer for U.S. biotech Genzyme (GENZ.O) for a second time as the companies continue behind-the-scenes talks to reach an agreement. Only 0.4 percent of shares were tendered at $69 each by a Friday deadline, Sanofi said on Monday. This time the offer will be extended until Feb. 15. At the previous tender offer deadline in mid-December, 0.9 percent of the shares were handed in. Genzyme, specialised in rare diseases, has rejected Sanofi's $69-a-share-bid as too low given that it is recovering from a manufacturing crisis and that it has high hopes for experimental multiple sclerosis treatment Lemtrada.
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