Sanofi-Aventis SA (SASY.PA) has reached an agreement in principle to buy Genzyme Corp (GENZ.O) for $19.2 billion in cash plus future payments based on the performance of an experimental Genzyme drug, according to two sources with knowledge of the talks. Under the agreement, Genzyme investors will receive $74 per share in cash plus a contingent value right, or CVR, whose value will depend on Genzyme's experimental multiple sclerosis drug Lemtrada, the sources said on Tuesday. The value of the CVR could not immediately be established.
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