Genzyme, Sanofi Make Progress Toward Takeover Deal

Law360 (January 31, 2011, 2:12 PM EST) -- Takeover target Genzyme Corp. said Monday that it would let Sanofi-Aventis SA look at its books to conduct due diligence, adding that the companies have made progress toward a deal following Genzyme's rejection of Sanofi's advances and a subsequent hostile bid.

Genzyme's announcement came amid unsourced reports that the sides have a deal in principle and could announce it within two weeks.

The meat of the new due diligence effort, according to Genzyme, would be an effort to resolve "differences in valuation" between the companies as to Massachusetts-based Genzyme's multiple sclerosis drug alemtuzumab.

The discussions include the possible addition of a...

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