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S-A takeover approach rejected

Sanofi-aventis' suspected takeover approach for Genzyme has been rejected, according to two sources

Sanofi-aventis' (S-A) suspected takeover approach for Genzyme has been rejected, according to two sources.

Analysts have speculated that Genzyme, one of the world's leading biotechnology companies, could command at least $22bn, or $80 a share – a 48 per cent profit over Genzyme's closing price the day before S-A made its approach. It is thought that investors will insist on at least $20bn in a sale.

Genzyme could accrue an annual revenue of $6.6bn by 2013 if it resolves manufacturing defects that resulted in the figure dropping to $4.5bn in 2009.

GlaxoSmithKline (GSK) and Johnson & Johnson (J&J) have also been rumoured to be bidding for Genzyme.

S-A and Genzyme have refused to comment on the claims.

27th July 2010

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