Sanofi bids $9.3B for Medivation
Apr. 28, 2016 2:59 AM ETSanofi (SNY)SNY, MDVNBy: Yigal Grayeff, SA News Editor7 Comments
- French pharmaceuticals group Sanofi (NASDAQ:SNY) has offered to acquire U.S. biotech company Medivation (NASDAQ:MDVN) in an all-cash deal valued at $9.3B.
- Sanofi has offered $52.50 a share, representing a 50% premium over Medivation's recent volume weighted average share price prior to takeover speculation.
- Medivation's shares closed at $52.05 yesterday, giving it a market cap of $8.5B.
- "Last November, Sanofi outlined our mid-term strategy, which includes rebuilding our position in oncology," says Sanofi CEO Olivier Brandicourt. "With Medivation's best-in-class offerings in prostate cancer, we believe a combination would benefit patients and...generate value for shareholders of both companies.