UPDATE 1-Sanofi completes Genzyme takeover

* Sanofi says more than 237 mln shares tendered

* Genzyme shares cease trading on Nasdaq

WASHINGTON, April 8 (Reuters) – Sanofi-Aventis (SASY.PA: Quote, Profile, Research)
said it has completed its takeover of U.S. biotechnology
company Genzyme Corp (GENZ.O: Quote, Profile, Research), whose shares will cease trading
on the Nasdaq as of the market close on Friday.

The companies agreed in February on a deal worth about
$20.1 billion. The acquisition gives Sanofi access to Genzyme’s
business in treating rare diseases and is expected to help the
company combat sales erosion from drugs facing cheap generic
competition. [ID:nLDE71F046]

Sanofi said more than 237 million Genzyme shares were
tendered in the transaction, representing 89.4 percent of
outstanding shares. Sanofi then exercised a top-up option,
resulting in ownership of more than 90 percent of Genzyme’s
shares.

Sanofi is funding the deal with the proceeds of its $7
billion notes offering, about $7 billion raised through its
U.S. commercial paper program, a drawing of $4 billion on a
bridge facility and available cash.

Sanofi shares closed up 0.57 percent at 50.74 euros on
Friday. Genzyme shares closed down 0.1 percent at $76.25 on
Nasdaq.
(Reporting by Esha Dey)

UPDATE 1-Sanofi completes Genzyme takeover