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Sanofi to acquire Genzyme
17 February 2011: France based Sanofi-aventis is likely to acquire U.S. biotechnology giant Genzyme Corporation for over $20 billion (approx Rs 9,000 crore).
The proposed deal has been dragging due to valuation issues ever since Sanofi-aventis came with a hostile takeover offer in August 2010.
Sanofi-aventis and Genzyme have signed a definitive agreement under which Sanofi-aventis is to acquire Genzyme for $74 per share in cash, or about $20.1 billion.
Under the agreement, Sanofi-aventis agreed to raise its offer from $69 a share offered earlier to about $74 a share in cash taking the total amount to $20.1 billion. In addition, Sanofi-aventis will also pay contingent value right, or CVR.
Source: Hindu