Genzyme board rejects Sanofi $69-a-share offer

CAMBRIDGE, Massachusetts: Biotech firm Genzyme Corp. says its board of directors is rejecting Sanofi-Aventis SA's $69 a share offer and recommending Genzyme shareholders don't sell their shares to the French drugmaker.

Genzyme, based in Cambridge, Massachusetts, says its board voted unanimously to reject the unsolicited offer.

Sanofi, the world's fourth-biggest drugmaker, initially made the $69 offer privately in July, then repeated it publicly, but was rebuffed by Sanofi management twice. On Monday, Sanofi said it was initiating a hostile takeover offer because Genzyme executives still refuse to talk with Sanofi.

Genzyme shares jumped late in the day, rising 61 cents to $72.36 a share, as traders apparently expected that Sanofi would be forced to raise its offer.