Sanofi to buy back Genzyme-linked CVRs for $70 million

PARIS Mon Oct 8, 2012 11:21am BST

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PARIS (Reuters) - French drugmaker Sanofi said on Monday it will buy back certificates related to the success of Genzyme drugs for a total cost of about $70 million, representing $1.75 per contingent value right (CVR).

Sanofi said last month it would buy back up to $152 million worth of the outstanding CVRs, which are linked to its 2011 purchase of U.S. biotech Genzyme. It said then it would pay between $1.50 and $1.

(Editing by Christian Plumb)

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