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Sanofi Extends Genzyme Bid to Feb. 15; Talks Ongoing

Sanofi-Aventis SA extended its $18.5 billion takeover offer for Genzyme Corp. again, giving France’s biggest drugmaker more time to reach an agreement with the U.S. biotechnology company.

The two companies are still negotiating a so-called contingent value right, or potential additional payments tied to the performance of Genzyme’s experimental multiple sclerosis drug Lemtrada, Paris-based Sanofi said in a statement today. The company extended the $69-a-share offer to Feb. 15.