Sanofi Threatens to Pursue Hostile Takeover of Medivation

Sanofi is not bowing out of its efforts to buy Medivation, warning the company’s board that if it continues to brush off its overtures, it will pursue a hostile bid.

In an ultimatum addressed to Medivation’s board, Sanofi CEO Olivier Brandicourt said that if the company is not open to engaging in “good faith discussions” about a proposed $9.3 billion merger, it will “commence a process to remove and replace members of the board” by taking its case directly to Medivation shareholders.

Sanofi went public with its cash-only buyout offer on last week, claiming that Medivation had been stonewalling. Medivation shot down the proposal the next day, arguing that Sanofi “substantially” undervalued the company.