Sanofi ups bid for Zentiva in $2.6b deal

Sanofi-Aventis SA, France's biggest drugmaker, sweetened its bid for Zentiva NV to clinch the support of the Czech generic-drug company's board in a deal valued at 1.8 billion euros ($2.6 billion).

Zentiva shareholders will now get 1,150 koruna ($69.71) a share, a 9.5 percent increase on the original bid, Paris-based Sanofi said in a statement yesterday. The improved offer is extended to stock held in the form of global depositary shares. Zentiva's board had urged investors to reject the approach up until now.

Sanofi, which is struggling to get new products on the market as some of its biggest sellers face patent challenges, is replacing Chief Executive Officer Gerard le Fur to spur growth.