Genzyme (NASDAQ: GENZ), the target of a buyout offer from Sanofi-Aventis, began to lay-off almost 10% of its workforce today. The company would not say exactly what the size of the cuts would be.

Genzyme may have decided on the move to increase margins. Sanofi-Aventis has offered $18.5 billion to buy the smaller company. Genzyme’s board has dismissed the offer as too low.

Sanofi-Aventis recently disclosed that it has lined-up $10 billion in financial backing to close a transaction.

Lay-offs to increase the value of the company? Cruel.

Douglas A. McIntyre