Medivation stands firm as Sanofi threatens hostile takeover
French pharma major Sanofi (Euronext: SAN) might have threatened to play hardball over its attempt to take over USA-based biotech Medivation (Nasdaq: MDVN), but the target company has hit back.
Sanofi’s latest letter to Medivation, reiterating its desire to go ahead with the $9.3 billion takeover and warning it would resort to a hostile takeover if necessary, has prompted a stern response.
Medivation, which has a leading oncology franchise, is seen as a hot property by big pharma, with US major Pfizer (NYSE: PFE) and Anglo-Swedish AstraZeneca (LSE: AZN) also reportedly interested.
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