Sanofi, Genzyme Boards Said Near to Approving Takeover at About $74-Share

Sanofi-Aventis SA and Genzyme Corp. are likely to approve a takeover of the U.S. biotechnology company today and are discussing a price of about $74 a share plus potential additional payments tied to the performance of a Genzyme drug, said four people with knowledge of the plan.

A so-called contingent value right, a tradeable contract tied to Genzyme’s experimental multiple sclerosis drug Lemtrada, may be valued at about $3 when it begins trading and have a higher nominal value, said three people, who declined to be identified because the process is confidential.

The companies’ boards are scheduled to vote on the deal today and may make an announcement on Feb. 7, said the people. Sanofi is still working on its review of Genzyme’s business, an agreement hasn’t been reached, and terms could still change, the people said.

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- Posted: 2011-02-06 03:07:24

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