Sanofi-Aventis SA, France's biggest drugmaker, received permission to extend its bid for Czech generic-drug maker Zentiva NV to give Sanofi more time to obtain regulatory approval

MondayMorning, Sept 22, 2008

Zentiva shareholders will be able to sell to Paris-based Sanofi until Nov. 28, instead of the original deadline of Sept. 19, the Czech central bank said last week. Zentiva Chief Executive Officer Jiri Michal has urged investors not to sell to the French drugmaker, saying its 30 billion-koruna ($1.8 billion) offer is too low. Sanofi wants control of the Czech company so it can expand into eastern Europe's market for generic drugs, or copies of brand-name medicines whose patents have expired.

Zentiva, based in Prague, sells its products in countries including Russia, Turkey and Romania. Spending on generic medicines will probably double in the years from 2005 to 2010 in these nations, according to a forecast by Nomura Code. The French drugmaker owned a 24.9% stake in Zentiva before announcing its takeover bid June 18.