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Sanofi Agrees To Pay $315 Mln To Settle Contingent Value Rights Litigation

Sanofi (SNYNF,SNY) announced Thursday that it has entered into a settlement agreement related to Contingent Value Rights or CVRs litigation. Sanofi agreed to pay a total of $315 million as part of the agreement.

The agreement is related to the previously disclosed action UMB Bank, N.A., as Trustee v. Sanofi, currently pending in the United States District Court for the Southern District of New York.

The Action involves claims against Sanofi for breach of the Contingent Value Rights Agreement, dated as of March 31, 2011, relating to Sanofi's publicly-traded CVRs issued in connection with the acquisition of Genzyme Corp.

Under the settlement agreement, Sanofi and Plaintiff UMB Bank have agreed to fully and completely resolve the Action, without any admission of liability or wrongdoing.

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