CAMBRIDGE, Mass. (
has gone public with its offer for biotech company
, 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
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.
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.
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