Sanofi Goes Public With Hostile Medivation Bid
Following weeks of speculation, Sanofi has gone public with its hostile offer for Medivation. Analysts are all in agreement that the deal would make "strategic sense" for Sanofi, but it's likely other suitors will throw their hats into the ring.
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More and larger M&A deals could boost public biopharmaceutical companies, so investors will watch closely to see if Pfizer's $14bn Medivation acquisition kicks off a widespread spending spree. Speculation about who'll be bought next is in full swing.
Now in confidential talks with Sanofi and other buyout suitors, Medivation hopes to increase offers on the basis of its PARP inhibitor's dual-mechanism promise.
After two months of public, hostile back-and-forth, Sanofi agreed to confidentially discuss a potential acquisition of Medivation, putting the French pharma on equal footing with the biotech company's other suitors.