Sanofi Takes Genzyme Offer Public

Sanofi-Aventis has gone public with its offer for biotech company Genzyme, according to published media reports.
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CAMBRIDGE, Mass. (

TheStreet

) --

Sanofi-Aventis

(SNY) - Get Report

has gone public with its offer for biotech company

Genzyme

(GENZ)

, according to published media reports.

The Paris-based pharmaceutical company sent a so-called "bear hug" letter to Genzyme indicating its interest, according to a report Sunday on

The Wall Street Journal's

Web site.

Such a move stops short of a hostile offer, in which a potential acquirer takes its offer directly to the shareholders of its target company, but it does ratchet up pressure on Cambridge, Mass.-based Genzyme to negotiate, the report noted.

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Sanofi is sticking with its initial offer of about $69 a share, the report added.

The two companies' discussions have already been widely reported.

The talks recently got hung up over a "threshold" price

at which Sanofi could start due diligence on Genzyme.

Shares of Sanofi gained 66 cents, or 2.3%, Friday to close at $28.92. Shares of Genzyme gained 78 cents, or 1.2%, to finish at $67.62.

--Written by a staff member of

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Ross Snel

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This article was written by a staff member of TheStreet.