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Tuesday, February 1, 2011

Sanofi puts Genzyme at low $70s plus payout-source, (SASY), (NASDAQ: GENZ)

France's Sanofi-Aventis (SASY.PA) has agreed to raise its bid for Genzyme Corp (GENZ.O) to the low $70s-per-share range, plus a milestone payment based on the performance of an experimental drug, a source familiar with the situation said. The total valuation for Genzyme depends on the outcome of due diligence as Sanofi looks at the U.S. biotech company's financial records, the source said on Tuesday. Sanofi agreed to raise the takeover price from its initial offer of $69 per share to gain access to Genzyme's books, that source said. Still, Sanofi did not raise the offer as high as the $75 per share value Genzyme had sought, that source said.