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Sanofi Makes $9.3 Billion Bid for Medivation

Drug manufacturer Sanofi's office in Paris.

PARIS— Sanofi SA on Thursday said it has made an unsolicited offer to acquire Medivation Inc. MDVN 0.44 % in a deal valued at $9.3 billion, the French drugmaker’s latest effort to expand its cancer-treatment business.

Sanofi said it decided to go public with its offer after the U.S. company rebuffed its recent takeover approach.

In a letter dated April 28, Sanofi’s CEO Olivier Brandicourt said he first discussed a possible takeover in a phone call with the San Francisco-based firm’s CEO David Hung on March 25 and in a subsequent conversation on April 3.

Medivation expressed “no interest in discussing a transaction,” said Sanofi.

“Given your unwillingness to meet or to hear our proposal, we sent you a letter on Friday, April 15, setting forth a proposal to acquire...