Sanofi seeks to sack Medivation board in takeover bid
French pharma major Sanofi (Euronext: SAN) has sought to remove and replace members of the board of Medivation (Nasdaq: MDVN) as it resorts to a hostile takeover of the USA-based biotech.
Sanofi has filed preliminary consent solicitation materials with the US Securities and Exchange Commission seeking to replace the directors with eight candidates described as “independent and highly-qualified candidates who are willing to fully and fairly evaluate all of Medivation’s strategic options”.
That would include considering Sanofi’s $9.3 billion acquisition offer, in accordance with board members fiduciary duties to Medivation and its shareholders, a statement from the French firm adds.
This article is accessible to registered users, to continue reading please register for free. A free trial will give you access to exclusive features, interviews, round-ups and commentary from the sharpest minds in the pharmaceutical and biotechnology space for a week. If you are already a registered user please login. If your trial has come to an end, you can subscribe here.
Login to your accountTry before you buy
Free
7 day trial access
- All the news that moves the needle in pharma and biotech
- Exclusive features, podcasts, interviews, data analyses and commentary from our global network of life sciences reporters.
- Receive The Pharma Letter daily news bulletin, free forever.
Become a subscriber
£820
Or £77 per month
- Unfettered access to industry-leading news, commentary and analysis in pharma and biotech.
- Updates from clinical trials, conferences, M&A, licensing, financing, regulation, patents & legal, executive appointments, commercial strategy and financial results.
- Daily roundup of key events in pharma and biotech.
- Monthly in-depth briefings on Boardroom appointments and M&A news.
- Choose from a cost-effective annual package or a flexible monthly subscription
The Pharma Letter is an extremely useful and valuable Life Sciences service that brings together a daily update on performance people and products. It’s part of the key information for keeping me informed
Chairman, Sanofi Aventis UK
More on this story...
Today's issue
Company Spotlight
More Features in Biotechnology
Copyright © The Pharma Letter 2024 | Headless Content Management with Blaze