GENZ – Genzyme Corporation – One options investor is ready to make money should negotiations regarding a merger between Genzyme and Sanofi-Aventis collapse by October expiration. Genzyme’s shares slipped 1.35% lower this afternoon to stand at $69.25 just before 12:45 pm ET. The trader enacted a bearish debit put spread, buying 5,000 puts at the October $65 strike for an average premium of $2.32 each, and selling the same number of puts at the lower October $50 strike for an average premium of $0.22 apiece. Net premium paid to purchase the spread amounts to $2.10 per contract. Thus, the investor is prepared to make money should Genzyme’s shares fall 9.15% to breach the effective breakeven price of $62.90 by expiration. The trader stands ready to walk away with hefty profits of $12.90 per contract if the price of the underlying stock plunges 27.8% to trade below $50.00 by expiration day in October. The overall reading of options implied volatility on the drug maker is higher by 7.8% to 32.68% in afternoon trading.