After a protracted period of at times hostile negotiations, Genzyme has finally agreed to accept an improved takeover bid of US$74 per share in cash, or approximately US$20.1 B, from Sanofi-aventis. Genzyme shareholders are also entitled to receive future payments in the form of a Contingent Value Right (CVR) that could add as much as US$14 per share to the deal value based on the achievement of milestones related to Genzyme’s development candidate Lemtrada™ (alemtuzumab for multiple sclerosis) and production targets for its orphan drugs Cerezyme® (imiglucerase) and Fabrazyme® (agalsidase beta).