Skip to main content

Market Overview

Report: Medivation Committed To Selling Itself

Share:
Report: Medivation Committed To Selling Itself

Medivation Inc (NASDAQ: MDVN) had an offer on the table to be acquired by Sanofi SA (ADR) (NYSE: 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. (NYSE: PFE) and Amgen, Inc. (NASDAQ: 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.

 

Related Articles (MDVN)

View Comments and Join the Discussion!

Posted-In: Biopharmaceutical CompaniesBiotech M&A News Health Care Rumors Trading Ideas General Best of Benzinga

Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
SPAC
Everything you need to know about the latest SPAC news.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com