Genzyme, Sanofi at odds over threshold price – WSJ

Aug 24 (BestGrowthStock) – U.S. biotechnology firm Genzyme Corp
(GENZ.O: ) and its French suitor Sanofi-Aventis (SASY.PA: ) are at
odds over the threshold price at which Sanofi could begin the
due diligence on Genzyme’s books, the Wall Street Journal said,
citing people familiar with the matter.

Both Genzyme and Sanofi are yet to agree on the threshold
price and that is the main reason why the talks have not
progressed further, the people told the Journal.

Genzyme may open its books to Sanofi if the French company
agrees to offer around $75 a share as a starting point for
negotiations on a possible sale, the paper said.

However, Genzyme may not sell unless a bid of at least $80
a share is made, people familiar with the matter told the
paper.

A representative for Sanofi declined comment to the
Journal. The newspaper said Genzyme did not respond to a
request for comment. Both could not immediately be reached for
comment by Reuters outside regular U.S. business hours.

After an initial flurry of leaks to the media, in which the
French drugmaker was reported to have offered $69 a share to
acquire Genzyme, both sides have gone silent. [ID:nN28227807]
(Reporting by Sakthi Prasad in Bangalore; Editing by Anshuman
Daga)

Genzyme, Sanofi at odds over threshold price – WSJ