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Sanofi-aventis Acquires Genzyme in $20.1B Deal

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Sanofi-aventis, the Paris-based pharmaceutical company, has acquired biotechnology company Genzyme Corporation in Cambridge, Massachusetts for $74.00 per share, or about $20.1 billion. The deal includes other payments to Genzyme shareholders based on net sales and developments involving specific Genzyme drugs.

Genzyme is expected to add its treatments for several rare diseases to Sanofi-aventis’s current collection and pipeline. Genzyme also provides R&D experience in renal-endocrinology, hematology, oncology, and biosurgery.

Sanofi-aventis says it will provide contingent value rights that entitle Genzyme shareholders to extra payments if the FDA approves Genzyme’s leukemia drug Campath/Lemtrada (alemtuzumab) for the treatment of multiple sclerosis. Other entitlements will be based on production levels of Genzyme’s Cerezyme for Gaucher disease and Fabrazyme for Fabry disease, as well as regional and global sales levels.

Genzyme reported net income for 2010 of $422.1 million from $4.05 billion in sales. The company has a significant presence in Boston, Massachusetts and vicinity. In the announcement of the Genzymes acquisition Sanofi-aventis says “it intends to make Genzyme its global center for excellence in rare diseases and the acquisition will reinforce Sanofi-aventis’s commitment to the greater Boston area.”

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