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.

Genzyme Corp. is a biotechnology Company headquartered in Cambridge, Massachusetts. It is the biggest drug-maker in the world and produces medicines related to genetic illnesses.

On Friday, the shares of Genzyme went up 78 cents, that is 1.2% to $67.62 as per the Nasdaq trading reports. And according to the Paris trading reports, Sanofi’s share price rose 60 cents, or 1.3% to €45.26.

On Sunday, Sanofi CEO, Chris Viehbacher said that his Company has decided to make the bid public. He also added that the Company has other options to acquire Genzyme, in case the deal is not finalised.

Genzyme’s spokesperson, Bo Piela refused to make any statement regarding the acquisition.

The analyst of the ISI Group, Mr. Mark Schoenebaum, said that if Sanofi will not comply with the bidding amount of $75 per share, then the acquisition will not be possible.

He added, “The majority of shareholders probably will hold out until Sanofi offers something closer to $80 than $70”.