Sanofi makes further offer to Medivation

Sanofi announced that it has sent a letter to Medivation, Inc., in which it makes a non-binding proposal to acquire Medivation for $52.50 per share. This would represent an all-cash transaction valued at approximately $9.3 billion. Combining Sanofi and Medivation represents a compelling strategic and financial opportunity to drive significant value for the respective companies' shareholders, employees, patients and caregivers. The proposed purchase price represents a premium of over 50 percent to Medivation's two-month volume weighted average price (VWAP) prior to there being takeover rumors.Medivation has in development pidilizumab an immune oncology drug for B Cell Lymphoma and talazoparib planned for the treatment of breast cancer