Genzyme Spurns Buyout Offer From French Pharma

The biggest bio-tech company in Massachusetts has spurned a proposal from one of the world's biggest pharmaceutical firms.

Cambridge-based Genzyme Co. said "no" Monday to a buyout offer from Sanofi-Aventis, which is headquartered in France.

The two companies have been in talks since July, but Geoffrey Porges says there have been signs of a "courtship" over the past year. Porges is senior bio-tech analyst with Sanford C. Bernstein and Co. in New York.  Porges spoke with Morning Edition to discuss the negotiations.