On April 29, 2016 Sanofi reported that they have commented on Medivation, Inc.’s (NASDAQ: MDVN) rejection of Sanofi’s non-binding all-cash proposal to acquire Medivation for $52.50 per share (Press release, Sanofi, APR 29, 2016, View Source [SID:1234511597]). Schedule your 30 min Free 1stOncology Demo! Combining Sanofi and Medivation represents a compelling strategic and financial opportunity to drive immediate and certain value for Medivation’s shareholders while benefiting patients and both companies’ respective stakeholders. Sanofi’s all-cash proposal represents over a 50 percent premium to Medivation’s two-month volume weighted average trading price (VWAP) prior to takeover rumors.
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Sanofi is a disciplined acquirer and has a strong acquisition track-record. While to date Medivation has chosen not to enter into discussions regarding this value-creating transaction, Sanofi remains committed to the combination and looks forward to engaging directly with Medivation shareholders with regard to our proposal.