Genzyme Rejects Sanofi Takeover Bid

Image via Wikipedia Latest on Genzyme's Merger with Sanofi-Aventis
By Val Brickates Kennedy and Polya Lesova, MarketWatch

BOSTON (MarketWatch) -- Following weeks of speculation, beleaguered biotech leader Genzyme Corp. on Monday formally rejected a $18.5 billion takeover offer from French pharmaceutical firm Sanofi-Aventis, asserting that the bid substantially undervalues the company.