Sanofi extends deadline on £11bn Genzyme bid

City A.M. Reporter
Sanofi-Aventis extended its $18.5 billion (£11.7bn) cash offer for US biotech group Genzyme until 21 January and left open the option to prolong it further, a sign the French drugmaker is ready for a long battle.

Nearly one per cent of Genzyme shareholders had tendered their shares to Sanofi's $69-a-share offer before an initial deadline expired on Friday, Sanofi said in a statement.

Sanofi's efforts to buy Genzyme could continue until May, when Genzyme holds its annual shareholder meeting, giving Sanofi a chance to try to overturn Genzyme's board.