Sanofi-Aventis closes Genzyme acquisition

PARIS — Genzyme now officially is a wholly owned subsidiary of Sanofi-Aventis.

The Paris-based drug maker said that the closing followed the completion of the exchange offer for drug maker Genzyme last week. As its subsidiary, Genzyme will become a new platform in Sanofi's sustainable growth strategy and expand the company's presence in biotechnology, Sanofi said. Genzyme will continue to operate out of its Cambridge, Mass., headquarters, and will be led by Sanofi CEO Christopher Viehbacher for several months.

Genzyme rejected several buyout offers from Sanofi last year, which included a deal worth $18.5 billion, or $69 per share. The two finally settled on a price of $74 per share.