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Genzyme, Sanofi enter nondisclosure agreement


    NEW YORK (Reuters) - U.S. biotechnology company Genzyme Corp and Sanofi-Aventis have executed a nondisclosure agreement, effectively giving the French company the ability to examine Genzyme's books as they continue talks on a possible merger.

    While the two companies previously disclosed they are in talks, GENZYME (GENZ.NQ)will be sharing certain nonpublic information with Sanofi, leading to the need for the agreement, according to a U.S. securities filing.

    Sanofi previously launched an $18.5 billion hostile offer to acquire Genzyme, which rejected the bid as too low.

    "This is a critical step that will allow Sanofi to conduct official diligence," ISI Group analyst Mark Schoenebaum said.

    (Reporting by Lewis Krauskopf and Toni Clarke; Editing by Lisa Von Ahn)