Genzyme, sanofi-aventis deal

Genzyme said its board unanimously rejected an unsolicited tender offer from sanofi-aventis that was started on Oct. 4 to acquire the biotech for $69 per share in cash, or about $18.5 billion. Genzyme's board said the offer is "inadequate and opportunistic" and substantially undervalues the company.

sanofi said it has secured financing for its offer, which expires Dec. 10, from BNP Paribas; JPMorgan; and Societe Generale. Evercore Partners and JPMorgan are advising sanofi, while Credit Suisse and Goldman Sachs are advising Genzyme. In August, Genzyme rejected two identical unsolicited offers from the pharma (see BioCentury, Sept. 6). ...