Sanofi-Aventis finds no reason to raise bid for Genzyme

Speaking to various news services following the company’s presentation of third-quarter financial results this morning, French drugmaker Sanofi-Aventis (Euronext: SAN) chief executive Christopher Viehbacher was asked to comment on the firm’s hostile $69 a share bid for US biotechnology firm Genentech (Nasdaq: GENZ).

Last week Genentech outlined its prospects and growth targets, saying that, at current valuations, it is worth $89 per share (The Pharma Letter October 25). Mr Viehbacher told journalists that some of Genzyme demands and estimations of its value are “totally unrealistic” and “ignore the reality” of the marketplace. Sanofi will continue to be patient and disciplined and try to hold discussions on its offer, he said.

"Our $69 cash offer is extremely compelling," Mr Viehbacher argued, "and nothing in what Genzyme has said in recent weeks would cause us to change our offer," the Associated Press reports.