Genzyme more willing to talk to Sanofi: report

BOSTON (BestGrowthStock) – Genzyme Corp (GENZ.O: ) is more willing to discuss price with Sanofi-Aventis SA (SASY.PA: ), which is trying to acquire the U.S. biotechnology company for $18.5 billion, or $69 a share, according to the Wall Street Journal.

Genzyme, which makes drugs for rare diseases, has so far said it is unwilling to enter negotiations with Sanofi unless it raises its bid. Sanofi has said it does not want to bid against itself.

The Wall Street Journal, citing sources, said Genzyme’s new willingness to discuss price, as well as a potential contingent value right, or CVR, which would give investors an extra payout if sales of its experimental multiple sclerosis drug Campath pan out, comes after it failed to get a better offer from other companies.

Genzyme is still saying it will not accept $69 a share, even with a CVR, the paper said. Shares of the company were up 1.8 percent at $70.90 in midday trading.

Genzyme spokesman Bo Piela said the company “does not comment on these types of reports.”

(Reporting by Toni Clarke; Editing by Lisa Von Ahn)

Genzyme more willing to talk to Sanofi: report