Deals
Sanofi Stalks Medivation With $9.3 Billion on Being Spurned
- France's biggest drugmaker offers $52.50 per share in cash
- Sanofi shares drop to lowest in two weeks in Paris trading
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Sanofi, the French drugmaker under siege for its lackluster pipeline of new medicines, made public an unsolicited offer to buy Medivation Inc. for about $9.3 billion in cash to gain experimental cancer therapies.
The proposed purchase price of $52.50 per share for San Francisco-based Medivation represents a premium of more than 50 percent to the target’s two-month average price prior to takeover rumors starting, Sanofi said in a statement Wednesday. The U.S. drugmaker has thus far spurned Sanofi’s private advances.