September 4, 2012 / 5:29 AM / 8 years ago

Sanofi says to buy CVRs for up to $152 million

The logo of French drugmaker Sanofi-Aventis is seen on the facade of their headquarters in Paris August 4, 2010. REUTERS/John Schults

PARIS (Reuters) - French drug maker Sanofi (SASY.PA) plans to offer to buy about 30 percent of its outstanding contingent value rights (CVR) GCVRZ.O, linked to its purchase of U.S. biotech Genzyme, for between $130 and $152 million (96 million pounds), it said on Tuesday.

Sanofi said it would pay between $1.50 and $1.75 per CVR, a premium of between 7.1 and 25 percent to their last price of $1.40 on August 31. The offer will run until October 5.

“Sanofi currently expects payment for CVRs that are accepted for purchase to be made no later than October 11,” the group said in a statement.

Reporting by James Regan; Editing by Matt Driskill

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