French pharmaceutical group Sanofi-Aventis has agreed to buy US biotech company Genzyme for €14.8 billion, following months of wrangling over price.
The deal will give Paris-based Sanofi valuable access to the market for drugs that treat rare diseases.
Patents on some of Sanofi’s bestselling drugs have recently expired, leading to a downturn in sales. Its blood thinning drug Plavix, for example, is expected to face generic competition next year. Last year, Plavix accounted for about nine per cent of Sanofi's total sales.