Genzyme open to Campath clause in Sanofi bid-paper

PARIS Nov 26 (Reuters) - U.S. biotech Genzyme GENZ.O, the target of an $18.5 billion takeover bid by French drugmaker Sanofi-Aventis (SASY.PA), is open to linking the performance of its Campath drug to the offer, its chief executive Henri Termeer told Le Figaro in an interview.

Asked if he was proposing this solution to Sanofi, Termeer said: "It is not up to us to do it."

The Wall Street Journal reported earlier this month Genzyme was considering a new deal structure that Sanofi has said it would be open to. It said Genzyme was considering the use of a contingent value right giving shareholders more value if the acquired company hit benchmarks. [ID:nN21128024]

Termeer reiterated in Friday's Le Figaro interview that the price was his only reason for fending off Sanofi's takeover attempt. He said Sanofi had "no chance" of success with its current $69 per share bid.

For a TAKE A LOOK on the bid click [ID:nLDE69R0ZX]

(Reporting by Helen Massy-Beresford; Editing by Dan Lalor)