Sanofi Earnings Emphasize Need For Medivation Buy
Sanofi clearly would benefit from its proposed $9.3bn purchase of Medivation Inc. based on the French company's first quarter earnings, which show a pharmaceuticals business that's suffering from competition, US drug pricing pressures and foreign currency exchange issues.
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Losing Medivation could end up being a winning proposition for the French pharma if it can boost its cancer franchise another way, like by acquiring its partner in multiple collaborations Regeneron or making a less expensive takeout, such as Incyte or Ariad.
The biotech continues to reject offers from the French pharma and lays out the problems it has with the offer to shareholders. Meanwhile, Sanofi has taken its bid hostile and pushes to replace the biotech's board.
Sanofi is putting more pressure on Medivation to accept its $9.3bn acquisition offer by proposing to replace the biotechnology company's and Xtandi developer's entire board of directors.