Genzyme's board of directors unanimously turned down a takeover bid from French drugmaker Sanofi-Aventis, saying the $18.5 billion offer is an "unrealistic" estimate of the biotech company's worth. After months of investor speculation, Sanofi publicly made an offer of $69 a share, which Sanofi CEO Chris Viehbacher called "a sizable premium" over Genzyme's share value.

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