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France’s Sanofi Aventis has moved a step closer to taking over American biotech firm Genzyme as US competition regulators have given it the green light.
Sanofi-Aventis has taken its offer for Genzyme directly to shareholders, after management refused to come to the table and discuss a friendly takeover.
If Genzyme’s management continues to refuse to negotiate, there could be a lengthy takeover battle.
Sanofi aims to acquire Genzyme’s lucrative portfolio of drugs for rare diseases as it prepares for the loss of patent protection on top-selling drugs, such as its biggest product, the blood clot preventer Plavix.
More about: France, Pharmaceutical companies, USACopyright © 2012 euronews
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