CAMBRIDGE, Massachusetts (AP) -- Biotech drug developer Genzyme said Monday it will share non-public information with French pharmaceutical company Sanofi-Aventis, as negotiations continue over a possible acquisition of Genzyme.
A Genzyme spokesman said the company is not disclosing what information will be shared as part of a confidentiality agreement authorized by its board of directors.
Sanofi said last week it extended an $18.5 billion takeover offer for Genzyme to Feb. 15 from Jan. 21. The offer amounts to $69 per share. Paris-based Sanofi, the world's fourth largest drugmaker, has pursued a deal with Genzyme since last summer, but Genzyme has repeatedly rejected Sanofi's takeover bid.
The companies have disagreed about the value of Genzyme's experimental multiple sclerosis drug Lemtrada, or alemtuzumab, and the value for Genzyme overall. They are discussing possibly tying payments to future milestones like sales for the drug as a way to reach a resolution.
The drug has been approved for use as a leukemia treatment under the brand name Campath, but Genzyme also hopes to receive regulatory approval for its use as a multiple sclerosis treatment under the brand name Lemtrada.
Genzyme, which specializes in drugs for rare diseases, stumbled last year after regulators uncovered manufacturing problems at a company plant. Genzyme has argued that Sanofi's offer does not take into account the company's recovery and its pipeline of upcoming products, including alemtuzumab, which is in late-stage testing.
Shares of Genzyme climbed 63 cents to $71.73 in morning trading, while U.S.-traded shares of Sanofi were up 57 cents to $33.92.
A Genzyme spokesman said the company is not disclosing what information will be shared as part of a confidentiality agreement authorized by its board of directors.
Sanofi said last week it extended an $18.5 billion takeover offer for Genzyme to Feb. 15 from Jan. 21. The offer amounts to $69 per share. Paris-based Sanofi, the world's fourth largest drugmaker, has pursued a deal with Genzyme since last summer, but Genzyme has repeatedly rejected Sanofi's takeover bid.
The companies have disagreed about the value of Genzyme's experimental multiple sclerosis drug Lemtrada, or alemtuzumab, and the value for Genzyme overall. They are discussing possibly tying payments to future milestones like sales for the drug as a way to reach a resolution.
The drug has been approved for use as a leukemia treatment under the brand name Campath, but Genzyme also hopes to receive regulatory approval for its use as a multiple sclerosis treatment under the brand name Lemtrada.
Genzyme, which specializes in drugs for rare diseases, stumbled last year after regulators uncovered manufacturing problems at a company plant. Genzyme has argued that Sanofi's offer does not take into account the company's recovery and its pipeline of upcoming products, including alemtuzumab, which is in late-stage testing.
Shares of Genzyme climbed 63 cents to $71.73 in morning trading, while U.S.-traded shares of Sanofi were up 57 cents to $33.92.