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Medivation Rejects Sanofi's Latest Bid, But Enters Confidential Negotiations

 
• By Mandy Jackson

After two months of public, hostile back-and-forth, Sanofi agreed to confidentially discuss a potential acquisition of Medivation, putting the French pharma on equal footing with the biotech company's other suitors.

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Medivation Inc. has rejected a second, $1bn higher buyout offer from Sanofi, but the Xtandi (enzalutamide) developer and the French big pharma have agreed to negotiate confidentially, putting Sanofi on equal footing with other potential bidders.

San Francisco-based Medivation gained 1.3% in after-hours trading on July 5, reaching $62.56 per share, following the company's announcement that it has "entered into confidentiality agreements with a number of parties that have expressed interest," including Sanofi

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