Sanofi-Aventis Agrees to Acquire Genzyme for $74 per Share

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Sanofi-Aventis (NYSE: SNY) announced that it reached an agreement with Genzyme Corporation (NASDAQ:GENZ) where it will acquire Genzyme for $74 per share. The deal, which was first discussed last July, is valued at approximately $20.1 billion.The transaction will be $74 per share in cash plus a contingency payment should milestones related to certain drugs are achieved.Sanofi stated that the deal is expected to be accretive to earnings in the first year following closing, which is expected in Q2 2011.Sanofi CEO Chris Viehbacher said, "This agreement with Genzyme is both consistent with our long-term strategy and creates significant long-term value for our shareholders. This transaction will create a meaningful new growth platform for sanofi-aventis while expanding our footprint in biotechnology. We expect it to be accretive from year one, and the CVR structure, which served as an important value bridge between our two companies, rewards both Genzyme and sanofi-aventis shareholders, particularly if Lemtrada (TM) outperforms the market's current expectations."