- As expected, Medivation (MDVN -0.7%) says no to Sanofi's (SNY -4.6%) $9.3B offer ($52.50 per share) saying it "undervalues" the firm.
- In a statement, Sanofi says it remains committed to the merger and looks forward to engaging directly with MDVN shareholders regarding its offer. Looks like the bid is turning hostile.