Medivation rejects Sanofi bid

To little surprise, Medivation Inc. (NASDAQ:MDVN) rejected an unsolicited bid from Sanofi (Euronext:SAN; NYSE:SNY) to acquire the company for $52.50 per share in cash, or about $9.3 billion. Sanofi made its offer public on Thursday (see BioCentury Extra, April 28).

On Friday, Medivation said its board unanimously concluded the offer "substantially undervalues" the company. Medivation President and CEO David Hung said the "opportunistically-timed proposal" aims to "seize for Sanofi value that rightly belongs to our stockholders." ...