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Medivation Confirms Receipt of Unsolicited Proposal From Sanofi

SAN FRANCISCO, CA, Apr 28, 2016 (Marketwired via COMTEX) -- Medivation, Inc. MDVN, +0.44% ("Medivation" or the "Company") confirmed today that it has received an unsolicited, non-binding proposal from Sanofi to acquire all outstanding shares of Medivation common stock for $52.50 in cash.

On April 15, 2016, Medivation's Board of Directors received a private letter from Sanofi making an indicative, non-binding proposal to acquire the Company under the same economic terms, subject to completion of due diligence and other conditions. The Company promptly acknowledged receipt of the letter and committed to respond. Consistent with its fiduciary duties, the Board, with the assistance of its independent financial and legal advisors, immediately began the process of evaluating this proposal. As today's public disclosure of this proposal does not differ materially...