Navigate this market better. Subscribe for FREE stock alerts and information.

Sunday, January 9, 2011

Sanofi in talks over drug with bid target Genzyme, (SASY), (NASDAQ: GENZ)

French drugmaker Sanofi Aventis SA (SASY.PA) said on Sunday it was in discussions with U.S. bid target Genzyme Corp (GENZ.O) over ways to value a key Genzyme drug, in a sign the two sides are moving closer to a deal. Discussions over Campath, which Genzyme hopes to market as a treatment for multiple sclerosis under the brand name Lemtrada, are continuing between representatives from both companies, although Sanofi warned there was no guarantee of agreement. Sanofi has offered to acquire Genzyme, a maker of drugs for rare diseases, for $18.5 billion, or $69 a share -- a figure Genzyme says is too low.