PARIS—French drugmaker Sanofi SA said Tuesday that it had entered takeover talks with U.S. biotech firm Medivation Inc. and increased its offer to $58 per share.

Sanofi will offer an additional $3 per share in the form of a contingent value right relating to the future sales of one of Medivation's experimental drug—a breast cancer treatment in late-stage clinical trials.

The Paris-based drugmaker has been in pursuit of Medivation for more than three months, in a bid to strengthen its new products portfolio and build a competitive position in a hot market in which it is still a small player.

Separately, Medivation said it has entered into confidentiality agreements with a number of parties that have expressed interest in exploring a potential transaction.

In May, Sanofi had called a shareholder vote on whether to remove the entire board of the oncology drugmaker, after the U.S. biotech firm's board rejected its $9.3 billion offer or $52.50 per share. Sanofi said Tuesday that it had agreed to suspend the vote.

Ezequiel Minaya contributed to this article.

Write to Noemie Bisserbe at noemie.bisserbe@wsj.com

(END) Dow Jones Newswires

July 05, 2016 17:35 ET (21:35 GMT)

Copyright (c) 2016 Dow Jones & Company, Inc.
Sanofi (NASDAQ:SNY)
Historical Stock Chart
From Mar 2024 to Apr 2024 Click Here for more Sanofi Charts.
Sanofi (NASDAQ:SNY)
Historical Stock Chart
From Apr 2023 to Apr 2024 Click Here for more Sanofi Charts.