CAMBRIDGE, Massachusetts (AP) -- Biotech drugmaker Genzyme Corp. said Monday that talks between its financial advisers and those of suitor Sanofi-Aventis have expanded to include representatives from both companies.
The Cambridge, Massachusetts, company said the talks focus on potential terms for a deal and include ways to value its experimental multiple sclerosis drug alemtuzumab. Genzyme cautioned in a statement that it can offer no assurance that the talks will continue or lead to a deal.
Paris-based Sanofi, the world's fourth largest drugmaker, said in a separate statement on Sunday that "significant differences" remain between the companies.
Sanofi has been pursuing a deal with Genzyme since last summer. Genzyme has repeatedly rejected Sanofi's takeover bid of $18.5 billion, or $69 per share.
Genzyme, which specializes in drugs for rare diseases, stumbled last year after regulators uncovered sweeping manufacturing problem at a company plant. But the company's board 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.
Genzyme spokesman Bo Piela said the companies disagree about the value of alemtuzumab and Genzyme overall, and 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.
The Wall Street Journal, citing unnamed sources, reported last week that the companies are discussing an agreement that would value Genzyme at $20.7 billion, or $80 per share. Piela declined to comment on the report.
Shares of Genzyme climbed $1.12 to $72.51 in afternoon trading, while U.S. traded shares of Sanofi fell 40 cents to $31.82.