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Wednesday, April 7, 2010 as of 11:14 AM ET

Henri Termeer

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Sanofi to Buy Genzyme for at Least $20.1B

French drugmaker Sanofi-Aventis SA agreed to buy Genzyme Corp with a sweetened $20.

1 billion cash offer, plus payments tied to the success of the U.S. biotech group's drugs, the companies said on Wednesday.The acquisition -- which comes nine months after Sanofi CEO Chris Viehbacher first put the idea to Genzyme's Henri Termeer -- is expected to boost Sanofi's earnings from the first year after completion by giving it a new platform in rare diseases.Sanofi will pay $74 a share in cash and offer a tradable contingent value right, or CVR, whose value will depend on Genzyme's experimental multiple sclerosis drug Lemtrada and production of two other medicines.The deal's announcement, which confirmed what sources with knowledge of the talks had told Reuters on Tuesday, marks the second-biggest in biotech history and will help Sanofi offset declining revenue from drugs that have lost, or are set to lose, patent protection.Sanofi predicted the deal, which is expected to close early in the seco...

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