Reuters first to report agreement reached in principal in Sanofi-Genzyme deal talks

Reuters was first to report in Jan 31 that French drugmaker Sanofi-Aventis and U.S. biotech Genzyme Corp had agreed in principal the terms of a deal under which Sanofi would acquire Genzyme. The news sent shares of Genzyme and Sanofi up 3 percent in heavy volume. The Wall Street Journal matched the story nearly three hours later, crediting Reuters for breaking the news. The deal is one of the most closely watched M&A stories, since Sanofi first offered to buy Genzyme for $18.5 bln, or $69 a share, last year - an offer Genzyme rejected as too low.