BioCentury
ARTICLE | Company News

Medivation holds firm as Sanofi raises takeout pressure

May 6, 2016 1:45 AM UTC

Medivation Inc. (NASDAQ:MDVN) again rejected an acquisition offer from Sanofi (Euronext:SAN; NYSE:SNY) as CEO David Hung insisted Thursday that the company's existing business plan would create more shareholder value than Sanofi's offer. Medivation first rejected Sanofi's $9.3 billion acquisition offer on April 29, saying the offer "substantially undervalues" the company (see BioCentury Extra, April 29).

In a letter to Medivation's board released by Sanofi earlier Thursday, CEO Olivier Brandicourt said Sanofi would appeal directly to Medivation shareholders to remove or replace board members if Medivation did not engage in deal talks. ...