Report: Medivation Committed Toward Selling Itself

Medivation Inc MDVN had an offer on the table to be acquired by Sanofi SA (ADR) SNY for $9.3 billion, or $52.50 per share.

Medivation rejected Sanofi's buyout offer and argued that its own business plan and strategy will ultimately deliver superior shareholder growth. However, the company appears to have re-evaluated its course of action and will now seek to sell itself.

Related Link: Medivation Execs Making A Strong Case For Independent Growth Vs. Sale, Credit Suisse Says

Reuters, citing "people familiar with the situation," reported that Medivation is actively finding buyers and has agreed to open its books to Pfizer Inc. PFE and Amgen, Inc. AMGN.

Meanwhile, Sanofi said it is open to raising its bid offer, and is willing to pursue an acquisition by going directly to shareholders to oust its board of directors.

Finally, Reuters noted that its sources expressed caution that there is still no certainty that Sanofi's rivals will proceed with a bid of their own.