Genzyme Said to Start Talks With Sanofi on Buyout Bid

Genzyme Corp., the world’s largest maker of medicines for genetic diseases, has begun takeover talks with Sanofi-Aventis SA after receiving a proposal from the French drugmaker, according to two people with knowledge of the matter.

Sanofi, based in Paris, outlined an offer of $67 to $70 a share in a letter to Genzyme’s board, said one of the people, who declined to be identified because the discussions are private. Genzyme’s shareholders are looking for a bid above $80 per share, or $21.3 billion, these people said. The boards met separately yesterday to discuss their strategies and how to proceed, said one of the people.