Sanofi wasn’t kidding with last week’s hostile threats toward Medivation. After being shunted aside by the California drugmaker, it’s forging ahead with an unwanted takeover attempt--and a slate of new board nominees.
The French pharma giant plans to nominate 8 people to replace Medivation’s roster of directors, sources told CNBC Friday--a move that could take out the company’s entire current board. It could release the names of its candidates as early as next week, the sources said.
Sanofi--which has expressed its desire to beef up in oncology--has been pursuing the cancer drugmaker for weeks. But Medivation has maligned a $52.50 per share offer and hasn’t seemed too keen to come to the bargaining table, either, despite Sanofi’s hints that it might raise its bid during friendly negotiations.
Sanofi also has more reason to act quickly than just the desire to pad its slumping revenues. Several of its peers--including AstraZeneca, Pfizer, Amgen and Novartis--are reportedly circling the San Francisco company, eager to get their hands on Medivation’s blockbuster prostate cancer med Xtandi.
But Medivation has a couple favored suitors among the lot, Reuters reported earlier this week. It agreed to open its books to Pfizer and Amgen after officially deciding to put itself on the block.
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