Sanofi-Aventis seeks to acquire Genzyme for $18.5 billion

PARIS Sanofi-Aventis is looking to acquire Genzyme with a nonbinding proposal valued at approximately $18.5 billion.

The nonbinding offer, which was made on July 29, was reiterated in a letter sent Monday to Genzyme's chairman, president and CEO, Henri Termeer, after several unsuccessful attempts to engage Genzyme's management in discussions.

Under the terms of the proposed acquisition, Genzyme shareholders would receive $69 per Genzyme share in cash, representing a 38% premium over Genzyme's unaffected share price of $49.86 on July 1. Sanofi-Aventis' offer also represents a premium of almost 31% over the one-month historical average share price through July 22, the day prior to press speculation that Sanofi-Aventis had made an approach to acquire Genzyme.