Sanofi sticks with $69 per share offer for rival drug firm Genzyme

French drugmaker Sanofi-Aventis yesterday poured cold water on reports it had raised its offer for Genzyme, saying it was sticking to its bid of $18.5bn (£11.9bn), or $69 per share.

“There is one offer, at $69 a share,” said spokesman Jean-Marc Podvin. “No other offer has been made to or discussed with the Genzyme board, its management or shareholders.”

He reiterated Sanofi wanted to enter into constructive dialogue with Genzyme to best serve its interests.

DealReporter, a financial news service, said on Wednesday that Sanofi had pitched a new offer, at $71 a share, to buy Genzyme in return for the opportunity to conduct “partial due diligence”. DealReporter, cited a source close to the discussions.

Questions remain about what price would be high enough for Genzyme to open its books for Sanofi to clearly assess where the maker of rare disease drugs stands in solving its manufacturing problems following plant contamination.

Last week, Genzyme chief executive Henri Termeer said $69 was not a reasonable starting point for a deal, but declined to specify what price would warrant Genzyme giving Sanofi a closer look.