NEW YORK (Reuters) - Sanofi-Aventis is not willing to pay more than $70 per share for U.S. biotech Genzyme Corp and may look at alternative targets, Bloomberg reported on Wednesday, citing sources familiar with the matter.
France's Sanofi has offered $69 per share for GENZYME (GENZ.NQ)and its board has authorized a bid of up to $70 per share, sources have told Reuters in the past.
According to the Bloomberg report, Sanofi may consider companies such as Bausch & Lomb Inc, Allergan Inc
Genzyme shares fell 44 cents to $66.95 in morning trading. Allergan shares rose 50 cents to $63.61.
Sanofi declined to comment on the Bloomberg report. Genzyme was not immediately available for comment.
The two companies remain far apart on price, though they continue to conduct friendly discussions, sources familiar with the talks said. The sources declined to be named because they were not authorized to speak with the media.
Genzyme is asking for $75 a share as a starting price for Sanofi to gain access to its financial records, one person said.
Sources previously said some members of Genzyme's board want $80 a share as an ultimate takeover price, though analysts have said they see a final price in the range of $74-$77 a share.
Sanofi has no plan to launch a hostile bid for Genzyme and never seriously considered that as an option, two sources familiar with the situation said.
Though Genzyme has few anti-takeover protections, an expensive and time-consuming cross-border hostile bid would be a "drastic and unproductive route" for Sanofi to take, one source added.
(Reporting by Michele Gershberg; additional reporting by Jessica Hall in Philadelphia and Toni Clarke in Boston; editing by John Wallace)
