Sanofi Moves to Replace Medivation Board
May 25 2016 - 8:35AM
Dow Jones News
By Noemie Bisserbe
PARIS--French drugmaker Sanofi SA said Wednesday it is moving to
call a vote on whether to remove the entire board of Medivation
Inc. after the U.S. biotech company refused to engage in takeover
talks.
Sanofi said it had filed the necessary documents with the U.S.
Securities and Exchange Commission and named eight candidates to
replace Medivation's board of directors. The move aims to pave the
way for shareholders to cast a vote through written consent.
Last month, Medivation Inc. rejected Sanofi's $9.3 billion
takeover offer, claiming that the French drugmaker's proposal
undervalued the cancer-treatment company.
Write to Noemie Bisserbe at noemie.bisserbe@wsj.com
(END) Dow Jones Newswires
May 25, 2016 08:20 ET (12:20 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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