Medivation Reiterates Its Rejection Of Sanofi's Inadequate Proposal To Buy It

Medivation, Inc.

reaffirmed its rejection of Sanofi's

substantially inadequate proposal to buy the Company for $52.50 per share in cash. The move came after the receipt of a letter from Sanofi. Medivation noted that Sanofi's letter simply restated an inadequate proposal that its Board has already determined substantially undervalued the Company, its leading oncology franchise, and innovative late-stage pipeline. The company stated that its Board believes the execution of its business plan will deliver value to its stockholders, which was far superior to Sanofi's proposal. The company indicated that its Board would continue to act in the best interest of its stockholders. Medivation also disclosed that it would host a live teleconference with the management to discuss its first quarter results, which would be released on May 5 after the markets closed. As previously announced, the Company would host a live teleconference with management to discuss first quarter 2016 results, followed by a presentation to review the Company's business performance and future prospects today at 4:30 p.m. Eastern Time. Shares of MDVN traded 1.20% higher on Thursday while SNY shares traded 0.46% down.