Genzyme receives $18bn letter

Drug company Sanofi-Aventis has sent Genzyme a private proposal letter indicating its interest in buying the company for about $18.4bn (£11.6bn) and the two sides are discussing the offer, a source familiar with the situation said yesterday. Earlier in the week, Genzyme was said to be reluctant to accept a deal under $21.4bn. Sanofi had been expected to send a formal bid for Genzyme over the weekend, but no details on the price or the structure of the offer were immediately available.