Scalper1 News
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 closed up 0.4% to 52.05 on the stock market Wednesday. But the stock has rallied strongly in recent weeks with takeover buzz swirling. 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 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
Scalper1 News