Sanofi Goes Public With $9.3 Billion Bid For Cancer Drugmaker Medivation

By | April 28, 2016

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France’s Sanofi ( SNY ) made an unsolicited offer Thursday morning of $52.50 a share cash for Medivation ( MDVN ), in a deal worth $9.3 billion. Medivation has been the subject of takeover rumors in recent weeks, with AstraZeneca ( AZN ) and Sanofi among the rumored suitors. Medivation recently released positive early-stage trial data for talazoparib, which shrunk tumors in 4 of 7 ovarian cancer patients. Medivation shot up 7.6% to 56 in pre-market trading on the stock market today . That would be a nine-month high — and above the offer, suggesting investors see a higher bid coming. The proposed purchase price represents a premium of over 50% to Medivation’s two-month volume weighted average price before the buyout talk began, Sanofi said in a statement. Sanofi stock fell 1.4% in pre-market trading. AstraZeneca fell fractionally. Sanofi CEO Olivier Brandicourt released a letter to Medivation CEO David Hung in which he said that Hung had refused to discuss the April 15 offer of $52.50. Brandicourt said he did not “understand” the delay in responding to the offer, which is why Sanofi decided to go public with the proposal. Scalper1 News

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