Sanofi presses on with hostile bid for Medivation

French pharma major Sanofi (Euronext: SAN) this morning announced the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (HSR) in connection with Sanofi's intent to acquire Medivation (Nasdaq: MDVN).

This milestone further supports Sanofi's belief that the all cash acquisition proposal, which is not subject to any financing condition, would provide the highest level of transaction certainty to Medivation shareholders, the company said.

As announced on April 28, 2016, Sanofi proposed to acquire Medivation for $52.50 per share, representing an all-cash transaction valued at around $9.4 billion, but Medivation’s board of directors has consistently argued that the offer is not fair value, and has urged shareholders not to accept the offer.