Sanofi Moves in On Medivation With $9.3B Bid

Sanofi has decided to go public with its unsolicited offer to acquire all outstanding shares of Medivation for $9.3 billion in cash, despite receiving the cold shoulder from the company on two separate occasions.

Sanofi stressed that Medivation would fit nicely into its long-term strategy to strengthen its position in oncology.

Medivation has advised its shareholders to not take action, and stated that it expects its board to finalize its review of the proposal during a meeting last week.