Sanofi Won't Go Above $70 per Share for Genzyme

Sanofi-Aventis is not willing to pay more than $70 per share for U.S. biotech Genzyme 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 and its board has authorized a bid of up to $70 per share, sources have told press representatives in the past.

According to the Bloomberg report, Sanofi may consider companies such as Bausch & Lomb, Allergan or Celgene if a deal with Genzyme falls through.