Genzyme (GENZ) Creeps Higher On Potential Biotech Mega-Deal

While Genzyme Corp. (Nasdaq: GENZ) is seen as a far-shot for a Sanofi-Aventis (NYSE: SNY) takeover, its shares have been creeping higher throughout the day while the other rumored targets in the sector have been drifting lower.

Today's takeover speculation in the space was sparked by reports from Bloomberg that Sanofi-Aventis is near a $20 billion takeover in the U.S, which cited five people with information on the matter.

Allergan Inc. (NYSE: AGN) and Biogen Idec Inc. (Nasdaq: BIIB) have been seen as the most likely targets, but Genzyme and Celgene Corporation (Nasdaq: CELG) have also been discussed.

Others think Bristol-Myers Squibb (NYSE: BMY) or Amgen (Nasdaq: AMGN) could be a good fit for Sanofi-Aventis, but with market caps of $42 billion and $50 billion, respectively, they appear too large if the reported $20 billion figure is accurate. Both are lower today.

Allergan is up 6 percent, after trading up nearly 12 percent earlier. Biogen Idec is up 5 percent, after trading up nearly 9 percent earlier. Celgene is up 2 percent.

Genzyme is trading up 5 percent.

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