Sanofi may up bid for Genzyme, buys VaxDesign for $60m

28 September 2010

Sanofi-Aventis is rumoured to be raising additional financing from lenders in order to increase its offer for US biotechnology firm Genzyme above its current level of $18.5 billion.

A report in the Wall Street Journal suggests that Sanofi is arranging additional funds to bolster a warchest raised from JP Morgan Chase, Societe Generale and BNP Paribas that would allow it to table a higher bid for the biotech. The article names Citigroup and Bank of America Corp as two other possible lenders.

Sanofi said its current offer of $69-per-share still stands at the moment. Genzyme's management turned down that bid last month, dismissing it as opportunistic and saying it undervalued the company.

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Chairman, Sanofi Aventis UK