Sanofi extends Genzyme offer till Jan 21

French drug-maker Sanofi-aventis on Monday said it has extended the validity of its $18.5 billion offer for US biotechnology firm Genzyme Corporation till January 21.

Sanofi-aventis' offer of $69 per Genzyme share was scheduled to expire on December 10. About 22.1 lakh shares, or 0.9 per cent of the outstanding shares, of the company had been tendered by the midnight deadline, Sanofi-aventis said in a statement.

"In order to provide additional time to allow holders of Genzyme common stock to tender their shares, it is now scheduled to expire at 11.59 pm, New York City time, on January 21, unless it is further extended," Sanofi-aventis said.

The transaction is valued at approximately $18.5 billion. The offer represents a premium of 38 per cent over Genzyme's share price of $49.86 on July 1.

The French firm had gone directly to Genzyme's shareholders on October 4, after company CEO Henri Termeer said the bid "undervalues" the company. Sanofi-aventis' offer to buy Genzyme was made public in August, when it had also hinted at the possibility of an unfriendly takeover.

The french drug-maker said it had tried to engage in constructive discussions with Genzyme, "but the latter's continued refusal to do so led to the hostile offer."

In September, Sanofi CEO Christopher Viehbacher had told Termeer the company would be willing to pay between $69 and $80 a share for Genzyme.

Sanofi-aventis has a significant presence in India and employs over 1,800 people in the country. Last year, it had sought to acquire an 80 per cent stake in Hyderbad-based Shantha Biotechnics for $784 million.