Sanofi Says CVR Interesting, No Comment on Genzyme

Sanofi-Aventis's CFO said a deal structure known as a contingent value right was interesting "in principle" but he declined to say if it was being discussed with bid target Genzyme.

"In principle, a contingent value right would be a way to bridge a gap when different parties have different ideas on valuations," Jerome Contamine told Reuters on the sidelines of an industry conference.

Genzyme CEO Henri Termeer, who is resisting Sanofi's $18.5 billion hostile bid, was quoted as saying on Nov. 26 that he was open to a deal linking his firm's value to the success of key drug Campath by using a contingent value right (CVR).