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Sanofi sceptical on Genzyme forecast

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Sanofi sceptical on Genzyme forecast

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Sanofi-Aventis is signalling that it may not increase the size of its hostile takeover bid for US biotech group Genzyme.

Sanofi is offering the equivalent of 13.3 billion euros, but Genzyme executives have said that is not enough based on their earnings predictions for next year.

However, Sanofi’s Chief Executive Chris Viehbacher says he does not accept what he called Genzyme’s “rosy” forecasts.

He added Sanofi would stay “patient and disciplined” and keep all options open.

Viehbacher spoke as the French drugmaker announced quarterly earnings that were better than forecasts and lifted its profit target for the year.