Sanofi Halts Takeover Talks With Bristol-Myers

Sanofi Halts Takeover Talks With Bristol-Myers

Sanofi Halts Takeover Talks With Bristol-Myers

Sanofi-Aventis SA, the Paris-based drugmaker, ended talks to take over Bristol-Myers Squibb Co. that would have given rise to the world's biggest pharmaceutical company, the London-based Times reported, without saying where it got the information.

The talks fell through because of Sanofi's objection to the market valuation of Bristol-Myers at about $28 a share, the Times said. Bristol-Myers shares, which started the year trading at about $26, have risen on reports of a possible takeover.

Another snag was legal disputes over Plavix, the world's second-best-selling drug, a blood-thinning treatment that the two companies jointly market, the Times said.

In a New York trial that began Jan. 22, Apotex Inc., a maker of generic drugs, is claiming that the Plavix patent is invalid and cannot be enforced.

Sanofi spokesman Jean-Marc Podvin declined to comment on the report in a telephone interview today because, he said, company policy prevents him from discussing the matter.