Sanofi-Aventis has completed its exchange offer for all outstanding shares of common stock in US-based biotechnology firm Genzyme.

The depositary for the exchange offer confirmed that as of the offer’s expiry, approximately 84.6% of Genzyme’s outstanding shares of common stock were validly tendered and not withdrawn.

Sanofi intends to use the acquisition of Genzyme to support the company’s sustainable growth strategy and expand its biotechnology presence, with Genzyme becoming Sanofi’s global centre for excellence in rare disease treatment.

Sanofi CEO Christopher Viehbacher said, “The addition of Genzyme represents an important milestone in Sanofi-Aventis’ sustainable growth strategy by adding a meaningful new growth platform and expanding our footprint in biotechnology.”

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