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Medivation Brushes Off Sanofi’s $9.3B Offer

May 5, 2016

A day after Sanofi made its $9.3 billion hostile takeover bid for Medivation, the company’s board unanimously shot it down.

Medivation CEO David Hung called Sanofi’s bid “opportunistically-timed” and “substantially inadequate” stressing that it “substantially” undervalued the company’s unique oncology franchise.

Medivation’s statement also appealed directly to shareholders — whom Sanofi is targeting with its bid — claiming that the board’s business plan “will deliver value to its stockholders that is far superior to Sanofi’s proposal.”

 

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