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Friday, January 7, 2011

Sanofi, Genzyme discuss $80 bid-report, (SASY), (NASDAQ: GENZ)

French drugmanker Sanofi-Aventis (SASY.PA) and Genzyme Corp (GENZ.O) are discussing ways to assemble a deal that would value the U.S. biotech company at about $80 per share, the Wall Street Journal reported, citing people familiar with the matter. The $80 figure includes a structure known as a contingent value right, or CVR, according to the report. The CVR would be based on future sales of an experimental multiple sclerosis drug for which the two companies have made widely different sales forecasts. Genzyme has been seeking a significantly higher price than the $69 per share that Sanofi has offered.