The board of Genzyme has rejected the Sanofi Aventis 18.5 billion dollar takeover offer by the French Company, claiming the bid is quite low.

Genzyme is one of the largest actors in biopharmaceutical markets, while a regulatory filing had suggested that a meeting that had taken place between the two interested parties on September had the Sanofi chief executives proposing a bid at the range of $69-89 per share.

However, Christopher Viehbacher, the Sanofi executive claimed that justifying the bid for a $80 per share tag without credible information from the pharmaceutical company was not possible.

Genzyme however disclosed that it had authorized its executives and scores of advisors to make sure they have evaluated and probed alternatives that would be fit for the company, which included contacting other potential bids. However, the company warned that such a step hardly meant a sale was imminent.

Other drug makers who have shown interests on Genzyme include Pfizer, Johnson & Johnson and GlaxoSmithKline. The filing on Thursday and the resultant statement appear to be fast responses by Genzyme to the Sanofi tender that was unveiled on 4 October. While the Sanofi offer is bound to expire on the 10 of December, it has emerged that Sanofi had shown an interest in August that Genzyme rejected.

Genzyme shares closed on $72.36 on Thursday, seeming to trade above the bid by Sanofi, put at $69 per share.

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