Sanofi Makes $9.3 Billion Bid for Medivation
April 28 2016 - 03:20AM
Dow Jones News
PARIS—Sanofi SA on Thursday said it has made an all-cash offer
to acquire Medivation Inc. in a deal valued at $9.3 billion, the
French drugmaker's latest effort to expand its cancer-treatment
business.
Sanofi said it would pay $52.50 a Medivation share, a premium of
over 50% to Medivation's average share price for the two months
before speculation of a takeover surfaced.
Medivation is a Nasdaq-listed company based in San Francisco
with one marketed prostate cancer therapy, called Xtandi, and two
additional oncology assets in clinical development.
Sanofi Chief Executive Olivier Brandicourt said the deal fit the
company's strategy. "With Medivation's best-in-class offerings in
prostate cancer, we believe a combination would benefit patients
and, at the same time, generate value for shareholders of both
companies."
Write to Nick Kostov at Nick.Kostov@wsj.com
(END) Dow Jones Newswires
April 28, 2016 03:05 ET (07:05 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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