Regulators approve Sanofi takeover of Genzyme
French drug maker Sanofi-aventis said Wednesday that U.S. antitrust regulators have given the company the OK, in its pursuit to acquire Genzyme Corp.
Sanofi’s bid of $18.5 billion to purchase the largest biotechnology company in Massachusetts will expire on December 10. Sanofi said that the waiting period required by U.S. regulators has now expired, clearing the way for the takeover, that became hostile earlier this month after Sanofi said Genzyme officials refused to come to the table. Genzyme officials are reportedly looking for a price closer to $80 per share up from the $69 per share that has been offered by the French pharma.