Sanofi discloses Medivation offer

Sanofi (Euronext:SAN; NYSE:SNY) said it made a non-binding offer to acquire Medivation Inc. (NASDAQ:MDVN) for $52.50 per share in cash, or about $9.3 billion. The 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.

In a letter to Medivation President and CEO David Hung released Thursday by Sanofi, CEO Olivier Brandicourt said Sanofi made the formal offer in an April 15 letter, but Medivation has not responded except to acknowledge its receipt. ...