ARTICLE | Finance

Leaks Discounted

Leaks on Genzyme, sanofi fail to drive up biotech's stock

August 9, 2010 7:00 AM UTC

Despite continuing leaks to the media by unnamed insiders presumably privy to acquisition talks between Genzyme Corp. (NASDAQ:GENZ) and presumptive suitor sanofi-aventis Group (Euronext:SAN; NYSE:SNY), the market resisted bidding up the biotech's shares last week, which finished off $0.38 to $69.18.

While neither company has said anything publicly, general business media reports cited people close to the situation as saying that the French pharma has offered up to $18.6 billion, or $70 per share...