Medivation, Sanofi deal

Medivation’s board unanimously rejected an unsolicited offer from Sanofi to acquire the biotech for $52.50 per share in cash, or about $9.3 billion. The board said Sanofi’s proposal “substantially undervalues Medivation.” The pharma made the April 15 offer public earlier in the week. The $52.50 price is a 40% premium to Medivation’s close of $37.39 on March 30, before rumors surfaced that it had hired JPMorgan to fend off unsolicited takeover offers. ...