Medivation fielding takeout bids

Medivation Inc. (NASDAQ:MDVN) said it has entered confidentiality agreements with multiple parties. One of the suitors is Sanofi (Euronext:SAN; NYSE:SNY), which has been publicly pursuing the cancer company since April. That month, Sanofi offered $52.50 per share in cash or about $9.3 billion. Medivation rejected that bid in April and in May (see BioCentury Extra, May 5).

Sanofi said that on June 27 it told Medivation it would increase its bid to $58 per share in cash plus a contingent value right (CVR) worth up to $3 per share. On Tuesday, Medivation said its board unanimously rejected the new bid. ...