Sanofi Seeks Medivation Board Overhaul As Buyout Bid Remains Rejected
Sanofi is putting more pressure on Medivation to accept its $9.3bn acquisition offer by proposing to replace the biotechnology company's and Xtandi developer's entire board of directors.
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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.
The biotech continues to reject offers from the French pharma and lays out the problems it has with the offer to shareholders. Meanwhile, Sanofi has taken its bid hostile and pushes to replace the biotech's board.
Sanofi SA's CEO Olivier Brandicourt has shaken up his top management team for the second time since taking over the reins last year, changing the head of its key diabetes franchise in an urgent effort to turn things round. He clearly hopes Peter Guenter's wide-ranging commercial insights can help achieve that.