UPDATE 1-Sanofi-Aventis makes $18.5 bln offer for Genzyme

* Announces non-binding offer to acquire Genzyme

* Says $69 per share all-cash offer

* Says has secured financing for its offer

(Adds detail)

PARIS, Aug 29 (BestGrowthStock) – French drugmaker Sanofi-Aventis
(SASY.PA: ) has submitted a non-binding proposal to acquire U.S.
biotech company Genzyme (GENZ.O: ) in an all-cash deal worth about
$18.5 billion, it said on Sunday.

Genzyme shareholders would receive $69 per Genzyme share in
cash, representing a 38 percent premium over Genzyme’s share
price of $49.86 on July 1, Sanofi said in a statement.

Based on analyst consensus estimates, the offer represents a
multiple of 36 times Genzyme’s 2010 earnings per share and 20
times 2011 earnings per share, Sanofi added.

“Accordingly, the offer price takes into account the upside
potential of the anticipated recovery in Genzyme’s performance
in 2011,” Sanofi said in the statement, adding that it had
already secured financing for its offer.

Sanofi submitted the offer in a letter to Genzyme after
several unsuccessful attempts to engage Genzyme’s management in
discussions, the French group said.

“We remain focused on entering into constructive discussions
with Genzyme in order to complete this transaction,” Sanofi
Chief Executive Chris Viehbacher said in the statement.

Sanofi-aventis added that it was prepared to consider all
alternatives to successfully complete this transaction.
(Reporting by James Regan; Editing by David Cowell)

UPDATE 1-Sanofi-Aventis makes $18.5 bln offer for Genzyme