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Moody's may up Genzyme
Moody's Investors Service said it placed the Baa2 senior ratings of Genzyme Corp. under review for possible upgrade.
This rating action follows the announcement that Sanofi-Aventis has entered a definitive merger agreement to acquire Genzyme for about $74.00 per share, or $20.1 billion, plus a contingent value right, Moody's said.
The rating review will focus on the execution of the transaction and the treatment of Genzyme's debt in Sanofi-Aventis's capital structure, including any guarantees or support mechanisms, the agency said.
Sanofi-Aventis is currently rated A1/under review for possible downgrade, Moody's said.
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