The 18.5 billion dollar proposal, for the acquisition of Genzyme, the biotechnology company based in US, made by Sanofi Aventis, the colossal pharmaceutical firm based in France was vetoed by an undivided decision taken by the board of directors of the former.

Sanofi-Aventis, a multinational pharmaceutical Company based in Paris, is planning to acquire Genzyme Corp. by paying approximately $18.5 billion hard cash.

As per the proposal, Sanofi-Aventis decided to offer $69 per share to Genzyme. This was revealed by a letter given to Henri A. Termeer, who is the Chief Executive of Genzyme Corp.

On Wednesday, Genzyme Corp. said that U. S. Food and Drug Administration would need a third party inspector to make sure that all the drug quality standards are met.

According to the news this afternoon, the shares of Genzyme had dropped by 4% at $55.25.

Last month, the US Food and Drug Administration had rejected Genzyme's drug for the treatment of Pompe disease, Lumizyme. The FDA and the drug manufacturer have now reportedly agreed on a plan to ensure that the medicine is approved. The arrangement was shared by the pharma company on Thursday.

As confirmed by America's Food and Drug Administration, a detailed look into some drugs manufactured by Genzyme Corp., has revealed that these contain fragments of stainless steel, non- latex rubber and some other fiber-like materials. The discovery has come as another blow to the pharmaceutical company which is already struggling with manufacturing problems and a dwindling reputation.