Sanofi purchases $70M of Genzyme CVRs

Sanofi (Euronext:SAN; NYSE:SNY) paid $70 million to purchase 40 million of the outstanding Genzyme Corp. contingent value rights at $1.75 per right in a modified Dutch auction tender offer. The price is a 25% premium to the CVR's close of $1.40 on Aug. 31, the last trading day before Sanofi proposed the offer. Last month, Sanofi launched the tender offer to purchase up to 86.8 million, or about 30%, of the outstanding CVRs. ...