Sanofi-Aventis, Pharma Giant on Sunday openly offered confirmation for the foremost time that it had bid for Genzyme Corp., earlier, and made a move to nudge investors of Genzyme to accept a proposal that the administration of Cambridge, Massachusetts, the firm up to now had snubbed.

The proposal that has been outlined in a news release issued by Sanofi-Aventis in Paris, will take place as $18.5 billion in cash or at $69 per share. Shares of Genzyme traded lower than $55 a share, which was an abrupt shift before news that came out on 29th July offer leaked.

A Genzyme Spokesperson was not immediately available for comments.

A memo had been sent by Sanofi-Aventis after it could not succeed in involving Genzyme admin to be a part of discussions.

The news release stated that Sanofi-Aventis was making the contents public of the memo, so as to inform investors of Genzyme of the noteworthy value of the joint firms.

Sanofi-Aventis Chief Executive, Christopher A. Viehbacher, while giving a public statement said that combining with Genzyme was a convincing opportunity for both the firms and the strategies made by the its investors to sustain growth, was in a steady mode.

Big pharma firms have been encouraging biotechs to strengthen the bigger firms’ copyright holdings.