UPDATE: Sanofi's Letter to Medivation's Board of Directors

Board of Directors Medivation, Inc. 525 Market Street, 36th floor San Francisco, CA 94105 Paris, May 4th, 2016 Dear Members of the Board of Directors, Since we publicly disclosed our proposal to acquire Medivation, we havehad extensive conversations with your top shareholders. We believe thereis overwhelming support by your shareholders for a transaction. Absentour proposal, we believe that the Medivation shares would be trading inthe $30's. Medivation traded at $27 per share less than three months ago,and our proposal is almost a 100% premium to that price. It is over a50% premium to average trading prices prior to there being takeoverrumors. I want to reiterate our preference to engage with you to negotiate atransaction. We believe immediate engagement would be in the bestinterests of your shareholders as it would enable them promptly torealize substantial and certain value, while minimizing the disruptionto your organization. We believe we have offered a fair price, and avery attractive premium. Nothing in your press release rejecting ourproposal was new information to the market. Having said that, if youengage in good faith discussions with us and demonstrate additionalvalue, we could be in a position to revise our offer. You should know that an acquisition of Medivation is a priority forSanofi and we are committed to effecting it. If you are not prepared toengage with us, we have no choice but to go directly to yourshareholders. As you know, your shareholders have the ability to act atany time by written consent to remove and replace the Board. If theMedivation Board of Directors continues to refuse to engage with us,then we intend to commence a process to remove and replace members ofthe Board. We remain enthusiastic about a potential combination with Medivation. Weand our advisors stand ready to meet at any time so we can work toquickly consummate a mutually beneficial transaction. Sincerely, Olivier Brandicourt Chief Executive Officer