Sanofi seeks to sack Medivation board in takeover bid

7 February 2020

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.

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