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Medivation (MDVN) Stock Surges on Sanofi Bid

NEW YORK (TheStreet) -- Medivation (MDVN - Get Report) stock is up by 6.67% to $55.52 in mid-morning trading on Thursday, as Sanofi has made an unsolicited offer to acquire the biopharmaceutical company in a deal valued at $9.3 billion.

Sanofi made a non-binding proposal to purchase Medivation for $52.50 per share, which represents a 50% premium to Medivation's average stock price for the two months prior to any takeover speculation.

But the offer is barely above Medivation's Wednesday's closing price of $52.05.

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