French drug giant Sanofi-Aventis (NYSE: [[ticker:SNY]]), which has been courting Cambridge, MA-based Genzyme (NASDAQ: [[ticker:GENZ]]) with a buyout offer, could be willing to pay up to $76 per share for the biotech, according to reports by the French newspaper Le Figaro. Last month, Sanofi said it would give Genzyme until January 21st to accept its $18.5 billion ($69 per share) bid. Under the new terms being discussed, the French firm, which launched a hostile takeover bid for Genzyme in October, could pay up $70 to $71 per share in cash, with the remainder as rights-based financing dependent on Genzyme’s performance.
Author: Erin Kutz
Erin Kutz has a background in covering business, politics and general news. She holds a bachelor’s degree in journalism from Boston University. Erin previously worked in the Boston bureau of Reuters, where she wrote articles on the investment management and mutual fund industries. While in college, she researched for USA Today reporter Jayne O’Donnell’s book, Gen Buy: How Tweens, Teens and Twenty-Somethings Are Revolutionizing Retail. She also spent a semester in Washington, DC, reporting Capitol Hill stories as a correspondent for two Connecticut newspapers and interning in the Money section of USA Today, where she assisted with coverage on the retail and small business beats. Erin got her first taste of reporting at Boston University’s independent student newspaper, as a city section reporter and fact checker and editor of the paper’s weekly business section.
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