French pharmaceutical company Sanofi-Aventis (NYSE: SNY) might make another deal to acquire U.S. biotech firm Genzyme (Nasdaq: GENZ) before Wednesday, the day Sanofi is scheduled to release its 2010 results, sources have told Reuters.
Genzyme recently rejected Sanofi's $69 per share offer (for a total value of $18.5-billion), which the French drugmaker extended until February 15.
Sources have said that Genzyme is prepared to raise its bid to above $70 per share and to include contingent value right (CVR) payments linked to experimental multiple sclerosis drug Lemtrada.
However, Genzyme shares seem to have shrugged off the report – the stock is only up 0.12 percent in late afternoon trading.
We are close to an agreement, one source close to the deal said, according to Reuters.
Another source said Wednesday was a “likely cut-off” for an announcement.
I think everyone is expecting it to happen before the results [on Wednesday], said another source, adding there was a chance a deal might be announced over the weekend, Reuters added.