French pharmaceuticals company Sanofi-Aventis (SNY) Tuesday said that the registration statement relating to the Contingent Value Rights offered to Genzyme (GENZ) shareholders has been declared effective by the U.S. Securities and Exchange Commission.

MAIN FACTS:

- In accordance with the terms of its agreement with Genzyme, Sanofi-Aventis has commenced an exchange offer to acquire all of the outstanding shares of Genzyme common stock for $74.00 in cash and one CVR per share.

- The CVR entitles the holder to receive additional cash payments if specified milestones related to LemtradaTM (alemtuzumab MS) are achieved over time or a milestone related to production volumes in 2011 for Cerezyme (imiglucerase for injection) and Fabrazyme (agalsidase beta) is achieved.

- Upon closing of the exchange offer, the CVRs will be listed on the Nasdaq market under the ticker symbol "GCVRZ".

- The exchange offer to acquire Genzyme is scheduled to expire at 11:59 p.m., New York City time, on April 1, 2011.

- By Paris Bureau, Dow Jones Newswires; +331-4017-1740; paris@priority.emea.dowjones.com
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