Genzyme (GENZ) adds $2.50 to $70.12 and 37,000 calls traded in the biotech after the company rebuffs Sanofi’s $69 per share cash offer. September 70 and 72.5 calls have both traded more than 11000X and are today’s most actives. Some investors are active in the spread, possibly hoping for a revised offer above $72.50. The top trade of the day, however, is a block of 3756 Sep 70 puts at the $1.30 ask, which might be a shareholder looking for a hedge should the talks break off altogether. Meanwhile, implied volatility is down 37 percent to 26, as the market seems to now be bracing for a protracted battle between the two companies.