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.

The company has confirmed that the refutation of the offer made by Sanofi Aventis that had been made earlier was valid and holds true for the newest offer too as this recent offer had no reviewed price or any fresh facts and figures which could have given a point for the board of directors of Genzyme to look through the new proposal again and think of coming up with a new decision.

The board was of the opinion that the proposal made by Sanofi was of the nature of a resourceful offer as it undermined the worth of the company with a very impractical beginning bid and thus had no intentions of organizing any discussions with Sanofi for any kind of union.

On the other hand the reaction of the executives of Sanofi Aventis was very foreseeable as they stood firm on their desire to turn the deal with Genzyme into a fruitful one and thus use every possible option.