Sanofi Bid for Genzyme Advances

Genzyme announced Monday the new progress of the merge with Sanofi-Aventis.

The US biotech company Genzyme and the French pharmaceutical company Sanofi-Aventis have progressed to a new point in their merger negotiations. Genzyme’s board has authorized the company to enter into a non-disclosure agreement with Sanofi in order to allow Sanofi to conduct due diligence.

Discussions between the companies' advisors and representatives are ongoing and are focused on the potential use of a contingent value right for alemtuzumab as a part of a potential resolution of the differences in valuation between the parties. The two sides have also discussed other potential terms for a negotiated transaction.