Brandicourt Not Ready To Raise Medivation Bid Just Yet
Sanofi has reiterated its interest in the acquisition of Medivation and the French pharma's CEO has toughened up his language. Meanwhile, despite lots of speculation about other potential suitors, none has yet to come forward publicly.
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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.
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.
Pfizer Inc. has made its first M&A move since the planned mega-deal with Allergan PLC collapsed. The big pharma announced May 16 that it will buy Anacor Pharmaceuticals Inc. for $99.25 per share in cash, or approximately $5.2bn.