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Sanofi Earnings Emphasize Need For Medivation Buy

 
• By Mandy Jackson

Sanofi clearly would benefit from its proposed $9.3bn purchase of Medivation Inc. based on the French company's first quarter earnings, which show a pharmaceuticals business that's suffering from competition, US drug pricing pressures and foreign currency exchange issues.

However, Medivation failed to see how its investors would benefit from an acquisition at $52.50 in cash per share, so the San Francisco-based company announced its rejection of Sanofi's unsolicited buyout offer while the French pharma firm was conducting its earnings conference call on April 29. Undeterred, Sanofi quickly responded, saying that the company "remains committed to the combination and looks forward to engaging directly with Medivation shareholders with regard to our proposal."

Sanofi has disclosed few details about its pursuit of Medivation beyond the proposed transaction's value, noting only that the biotech...

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