Sanofi, Medivation Start Takeover Talks
06 July 2016 - 7:50AM
Dow Jones News
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 Apr 2024 to May 2024
Sanofi (NASDAQ:SNY)
Historical Stock Chart
From May 2023 to May 2024