Sanofi-Aventis deal progresses

FRENCH pharmaceutical firm Sanofi Aventis has moved closer to a deal with US biotech company Genzyme in a proposed $18.5bn (£11.5bn) takeover.

The US company has signed a non-disclosure agreement with the Paris-based firm, as the two discuss the details of a deal.

Genzyme said in a regulatory statement filed with the US Securities and Exchange Commission: “The discussions are continuing, and Genzyme will be sharing certain non-public information with Sanofi Aventis.”