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S-A extends Genzyme deadline further

Sanofi-aventis has said it is to extend its tender offer for all outstanding shares of Genzyme to February 15

Sanofi-aventis (S-A) has said it is to extend its tender offer for all outstanding shares of US-based biotech Genzyme to February 15.

The France-based pharmaceutical company had previously launched the tender offer to acquire Genzyme for a total of $18.5bn, or $69 a share, after failing to come to a deal with Genzyme executives.

This offer expired on January 21, with 0.4 per cent of Genzyme's shares tendered.

S-A's extended offer remains $69 per share, without interest and minus any withholding taxes. Other terms and conditions remain the same.

S-A said discussions remain ongoing regarding differences in how the companies perceive the contingent value right (CVR) for multiple sclerosis drug alemtuzumab, which Genzyme plans to market as Lemtrada.

A CVR is a right offered to shareholders of an acquired company that enables them to receive additional benefits after certain milestones or events occur. In this case, these milestones would be in the development and marketing of alemtuzumab.

In a statement, S-A said there was still disagreement regarding the CVR and that 'there is no guarantee that the parties will come to an agreement'.

24th January 2011

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