Genzyme have declined an $18.5bn takeover bid

drugsmoney-150x150The leading biotechnology company, Genzyme have declined an $18.5bn takeover bid by French drug makers, Sanofi Aventis yesterday.

Genzyme’s chief executive, Henri A.Termeer wrote this statement in a letter to Sanofi’s cheif executive Christopher A. Viehbacher, “The Genzyme board is not prepared to engage in merger negotiations with Sanofi based upon an opportunistic proposal with an unrealistic starting price that dramatically undervalues our company.”

Shares of Genzyme, which is one of the world’s leading makers of drugs for rare genetic disorders, rose nearly 4 percent to $70.13 in afternoon trading.

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