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Sanofi-Aventis SA and Genzyme Corp. have reached an agreement in principle under which Sanofi will acquire Genzyme for $74 a share in cash plus a right to future payments based on the performance of Genzyme’s experimental multiple sclerosis drug, according to a source with knowledge of the discussions.
The deal is expected to be announced by Wednesday morning, the source said.
Sanofi-Aventis SA, the world’s fourth-biggest drugmaker, said Friday it is eliminating 1,700 jobs in its U.S. pharmaceutical business in a restructuring triggered by growing generic competition and other factors. Get the full story »
From the Wall Street Journal | Abbott Labs has put the flu-vaccine business of Solvay SA up for sale. British pharmaceuticals giants GlaxoSmithKline and AstraZeneca are considered leading candidates to pick up the operation, expected to sell for around $617 million.
Abbott bought the drug business of Belgium’s Solvay in September.
