Sanofi Files Investor Presentation With SEC On Proposed Acquisition of Medivation
June 08 2016 - 7:49AM
Dow Jones News
By Noemie Bisserbe
PARIS--French drugmaker Sanofi SA said Wednesday it had filed an
investor presentation with the U.S. Securities and Exchange
Commission in connection with its proposed acquisition of
Medivation Inc., as it steps up pressure on the U.S. biotech
firm.
Sanofi, which has been in pursuit of Medivation for more than
two months, said that "combining with Medivation would accelerate
Sanofi's strategic priority of rebuilding a competitive position in
oncology," and "provide compelling strategic and financial benefits
for Sanofi and Medivation shareholders."
Last month, Sanofi called a shareholder vote on whether to
remove the entire board of the oncology drugmaker, after the U.S.
cancer drug maker refused to engage in takeover talks. Sanofi said
it had filed documents with the U.S. Securities and Exchange
Commission, to open the way for a shareholder vote through written
consent.
Wednesday's move is the next step in that process.
To prevent such a vote, the San Francisco-based company could
still begin talks and open its books to Sanofi.
"Sanofi has stated on several occasions that if Medivation were
to engage and provide information, it would be in a position to
increase its offer and is confident that it would be able to offer
significant additional value," said Sanofi.
Sanofi has made an offer worth $9.3 billion for Medivation,
which the company promptly rejected, claiming Sanofi's proposal
undervalued the cancer-treatment maker.
-Write to Noemie Bisserbe at noemie.bisserbe@wsj.com
(END) Dow Jones Newswires
June 08, 2016 07:34 ET (11:34 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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