Medivation Inc. (MDVN), which rejected a $9.3 billion buyout offer from Sanofi SA (SNY), is in talks with Sanofi on a confidentiality agreement after the bid was sweetened, Reuters reported Tuesday.

In May, Sanofi said it sent a letter to Medivation saying it would try to remove and replace members of the biotechnology company's board if Medivation didn't engage in takeover talks.

Medivation shares were recently up 3% to $61.92.

Full story at http://www.reuters.com/article/us-medivation-m-a-sanofi-fr-idUSKCN0ZL2CZ

Write to nymonitoring@dowjones.com

(END) Dow Jones Newswires

July 05, 2016 15:24 ET (19:24 GMT)

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