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Exclusive: Pfizer approaches Medivation about potential takeover - sources

A company logo is seen through branches at a Pfizer office in Dublin, Ireland November 24, 2015.

Pfizer Inc (PFE.N) has approached U.S. cancer drug maker Medivation Inc (MDVN.O) to express interest in an acquisition, raising the possibility of a bid rivaling a $9.3 billion offer by Sanofi SA (SASY.PA), people familiar with the matter said on Tuesday.

Pfizer's approach comes less than a week after Sanofi went public with its $52.50 per share cash offer, complaining that Medivation refused to engage. Medivation subsequently rejected the offer as too low. Its shares closed on Tuesday at $57.52.

Medivation has not yet decided whether it should engage with Pfizer in negotiations and is in discussions with its financial and legal advisers, the people said. There is no certainty that Pfizer will press ahead with a bid, they...


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