Medivation Rejects Sanofi's $9.3 Billion Takeover Bid
April 29 2016 - 10:15AM
Dow Jones News
By Joshua Jamerson
Medivation Inc. on Friday said it rejected Sanofi SA's $9.3
billion takeover offer, claiming that the French drugmaker's
proposal "undervalues" the cancer-treatment company.
The move by Medivation comes one day after Sanofi said it made
an unsolicited offer, which was its latest effort to expand its
cancer-treatment business.
Medivation said its board had unanimously rejected the Sanofi's
offer and that the proposal would deny its shareholders of the
value in its late-stage pipeline, as well as its flagship oncology
drug, Xtandi.
Sanofi responded Friday by saying it remained "committed" to the
transaction and looked forward to "engaging directly with
Medivation shareholders."
Sanofi's offer of $52.50 a share was a 50% premium on
Medivation's average share price for the two months before takeover
speculation emerged, though lower than Medivation's current share
price, which was buoyed by takeover speculation.
Medivation's shares rose 0.1% to $56.20 in early trading in New
York, while Sanofi shares fell 3% in Paris trading.
Write to Joshua Jamerson at joshua.jamerson@wsj.com
(END) Dow Jones Newswires
April 29, 2016 10:00 ET (14:00 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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