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Medivation Said to Have Rebuffed Sanofi Takeover Approach

  • Drugmaker Sanofi hasn't ruled out hostile bid for U.S. company
  • Other drugmakers may try to buy the California-based business
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Medivation Inc. rebuffed a recent takeover approach from French drugmaker Sanofi, which is pursuing the U.S. company to expand its cancer treatment business, according to people familiar with the matter.

Sanofi is working with advisers on a potential offer and hasn’t ruled out making a hostile bid, the people said, asking not to be identified because the deliberations are private. Medivation hired defense advisers after it received preliminary interest from potential buyers, people familiar with the matter said last month.