Medivation Shoots Down Sanofi Bid, Enters Takeover Talks

Medivation has inked confidentiality agreements with a number of potential purchasers, including former hostile bidder Sanofi, to explore a potential sale.

As part of the agreement, Sanofi agreed to terminate its earlier bid for the company. In May, the French drugmaker went public with an unsolicited offer to acquire all outstanding shares of Medivation for $9.3 billion in cash, making the offer directly to shareholders after Medivation’s board rejected the deal.

Recently, Sanofi raised its offer to $58 a share from $52.50 a share, although Medivation again rebuffed the deal.