Genzyme seen more attractive to Sanofi than Glaxo

Of two potential suitors for biotech Genzyme (GENZ.O), industry insiders say Sanofi-Aventis (SASY.PA) is a far more likely buyer than GlaxoSmithKline (GSK.L), which already has a presence in rare diseases.

Sources familiar with the matter said on Friday that Sanofi was sounding out Genzyme as the French drugmaker hunts for a large acquisition, prompting a 15 percent jump in the U.S. biotech company's market value to $16.7 billion.

Genzyme shares were up a further 6 percent in premarket trading on Monday.

The Wall Street Journal said Britain's Glaxo had also recently made "a very casual approach", but industry insiders and analysts said Glaxo Chief Executive Andrew Witty, with a reputation for caution on M&A, was unlikely to chase the asset.

Read Full Article from Reuters

- Posted: 2010-07-26 08:52:55

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