Rumor Mill: Sanofi to buy Oxford BioMedica

Rumors are swirling that Sanofi-Aventis may be making a bid for Oxford BioMedica, a U.K.-based developer of gene-based medicines. Oxford's shares have surged in response to a report published in The Mail claiming that a Sanofi bid for the company is imminent. Neither side is sharing details, however; spokespeople for both Sanofi and Oxford declined to comment.

A takeover by Sanofi isn't out of the question, as the drug developer has indicated in recent months that it's looking to acquire a biotech. Additionally, last year Sanofi hopped on the cancer vaccine bandwagon when it inked a $690 million licensing deal for Oxford BioMedica's TroVax. However, another news source reported that the rumors are false and that Sanofi doesn't have plans to change its relationship with the company.

- read this CNN report