On Monday, Genzyme Corp. turned down Sanofi-Aventis’s offer regarding its acquisition. Genzyme says that the opening offer of $69 per share by Sanofi is not acceptable as it underrates the Company’s value.

On the other hand, Sanofi is trying hard to convince Genzyme to accept the offer price of around $18.5 billion.

Sanofi’s Chief Executive, Chris Viehbacher said that his Company is coming up with a new multiple sclerosis drug called alemtuzumab, whose generic name is MS drug Campath. He further said that this new medicine will certainly take the Company’s profits to a new height and will eventually increase the Company’s value.

Campath is slated to come in the market by the end of 2012. But experts fear that there are so many treatments already available in the market for multiple sclerosis, so it would be very difficult for the new drug to find its place, particularly if it is related to the safety of patients.

Medical experts say that Campath would be beneficial for the patients from the convenience point of view, as the patients will require only one-time infusion in a year as compared to other MS treatments where daily or weekly infusions are required.

Genzyme wants to capture the new drug market as early as possible and it has estimated around $13 billion earnings in 2012, which is not in line with the Wall Street estimate.