Sanofi-aventis completes exchange offer for Genzyme

Sanofi-aventis has confirmed the successful completion of its exchange offer for all outstanding shares of common stock in fellow pharmaceutical company Genzyme.

The finalisation of this transaction sees Genzyme become a wholly-owned subsidiary of Sanofi-aventis, subject to the completion of a short-form merger that will follow a subsequent offering period.

Terms for the acquisition deal were agreed in February 2011 after months of negotiations, with the final purchase price coming to $20.1 billion (12.34 billion pounds).

By acquiring the company, Sanofi-aventis will be able to expand its presence in biotechnology, particularly in the area of rare diseases, with Genzyme set to become its global centre for excellence in this field.

It also represents a key part of Sanofi-aventis' overall sustainable growth strategy.

Christopher Viehbacher, chief executive officer of Sanofi-aventis, said: "Already, we are making progress on the tremendous opportunities that are possible by bringing these two companies together through the integration process, which is progressing well and remains on track."