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Novartis Accepts Offer of Merger Talks with Aventis.
Byline: Lewis Krauskopf
Apr. 23--The possibility of a mega-merger that would shake New Jersey's drug industry moved ahead Thursday when Novartis said it has accepted an offer from Aventis to enter talks.
Basel, Switzerland-based Novartis issued a two-sentence statement in its first-quarter earnings release indicating its willingness to negotiate with Aventis, based in Strasbourg, France.
"No assurances can be given that an agreement can be reached," Novartis said.
Novartis is the "white-knight" bidder, solicited by Aventis as it seeks to fend off a bid from French rival Sanofi-Synthelabo.
"We welcome the decision," an Aventis spokesman said Thursday, declining to comment further.
The European drug giants both base their U.S. headquarters in the Garden State and employ about 9,000 people in New Jersey between them, many of whose jobs would be in jeopardy as the combined company sought savings by eliminating duplication.
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