Medivation Gets Hostile After Sanofi's "Misleading" Maneuvers
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.
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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.
Tesaro Inc.'s stock price more than doubled on June 29 after the company reported positive progression-free survival (PFS) data for its PARP inhibitor niraparib in the Phase III NOVA clinical trial, which tripled PFS for some women with ovarian cancer compared with placebo – a result that lifted the values of competing firms.
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.