Sanofi On The Hunt

Yesterday, in my article Bull Case Possibilities, I wrote
A lot of the large European health care companies have huge piles of cash. They have been very slow in spending it but some US biotech companies are trading at very reasonable levels. An acquisition of a company like Gilead is a possibility now that the stock has fallen so far. More likely someone will take over Biogen or Genzyme which are already dressed up for the dance.
 This morning Bloomberg is out with the following story:

Sanofi-Aventis SA, France’s biggest drugmaker, is preparing a major acquisition in the U.S., according to five people with knowledge of the situation.
Chief Executive Officer Chris Viehbacher briefed the board on the transaction at a special meeting this week, said two of the people, who declined to be identified because the plan is confidential. The process is in very early stages and an agreement with the unidentified target may not be reached, the people said.

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