No Deal

Genzyme rejected Sanofi-Aventis' $18.5 billion buyout offer, the New York Times reports. In a letter to Sanofi's Christopher Viehbacher, Genzyme chief executive Henri Termeer says that the $69-a-share offer "provides no new information and no improvement in price, and therefore fails to establish a basis for engagement by the Genzyme board." The Genzyme board, Agence-France Presse notes, had turned down an offer earlier this month, too. "The 'bear hug' letter left open the possibility of discussions between company executives and is typically considered a less aggressive step than going hostile," the Wall Street Journal says, but adds that Sanofi says it is "prepared to consider all alternatives to successfully complete this transaction."