As the bid of sixty nine dollars per share by Sanofi-Aventis SA was turned down by Genzyme calling it too low for negotiating, Sanofis has launched a hostile takeover offer for the US biotechnology company with the value of eighteen decimal five billion dollars.

Sanofi is the biggest drug maker of France began a gentle offer to buy all outstanding shares of Genzyme for sixty nine dollars per share as per the statement of the firm which is based in Paris. The offer is valid till December 10 2010 till eleven fifty nine pm.

The chief executive officer of Sanofi, Mr. Chris Viebacher while talking over a conference call, told reporters that the firm expects the offer to be successful.

Sanofi is very much open to carry on with the negotiation with Genzyme but does not find any reason to bid more. The firm is disciplined and can wait patiently for the purchase, according to Viebacher.

Viebacher while attending another press conference on 15 September, told journalists that investors are ready to sell of their portions of shares if they get a reasonable price which was conveyed to him by investors in a meeting. More than fifty percent of Genzyme are owned by investors.

He further stated that it could be fathomed from conversations that shareholders were disgusted with Genzyme's continuous refusal to sit for a fruitful discussion regarding the proposal given by Sanofi-Aventis.

Genzyme is located in Cambridge of Massachusetts which turned down the actual offer terming it very poor and since then refused to negotiate further with Sanofis regarding their proposal. Viebacher sat with the chief executive of Genzyme on the twentieth of September which turned out to be an unproductive meeting.