French drugmaker Sanofi-Aventis (SASY.PA) completed its improved $20.1 billion offer for Genzyme (GENZ.O) allowing it to begin merging the U.S. biotech into its business and add rare diseases to its growth areas. Sanofi said 84.6 percent of Genzyme's common stock had been tendered, with shareholders receiving $74 in cash and one certificate per share entitling them to future payments if specified milestones tied to several Genzyme treatments are met. The French company also said on Monday it would give remaining Genzyme shareholders a further four days until Thursday to tender their shares.
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