* CVR trading depends on outcome of improved tender offer
* Tender offer expires on April 1, 11:59 PM New York time
* CVRs to trade on Nasdaq exchange under ticker GCVRZ.O
PARIS, March 29 Certificates related to
Sanofi-Aventis's (SASY.PA) $20.1 billion acquisition of U.S.
biotech firm Genzyme GENZ.O could begin trading on Nasdaq as
soon as April 4, depending on the outcome of its tender offer.
The French drugmaker said on Tuesday that the U.S.
Securities and Exchange Commission (SEC) had cleared the trading
of contingent value rights (CVR) under the ticker GCVRZ.O.
Sanofi-Aventis clinched its long-sought deal to buy Genzyme
in February with a sweetened offer that comprises cash and the
possible payment under the CVRs of additional amounts geared to
the future performance of several of the U.S. group's drugs.
Sanofi's improved tender offer of $74 a share plus one CVR
per share will expire just before midnight New York time on
April 1. The offer could be extended should Sanofi fail to get
at least 50 percent of Genzyme's shares.
Genzyme shareholders could receive one-time milestones and
payments if production levels of two of Genzyme's key rare
disease drugs Cerezyme and Fabrazyme are met following a
shortage due to contamination problems at a manufacturing plant.
Other milestone fees depend on whether Genzyme's multiple
sclerosis drug Lemtrade wins U.S. marketing approval and if
sales of the drug hit specified targets.
Sanofi shares closed little changed on Tuesday, up 0.1
percent at 49.10 euros.
(Reporting by Caroline Jacobs; Editing by Greg Mahlich)