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Medivation Reiterates Rejection of Sanofi's Substantially Inadequate Proposal

SAN FRANCISCO--(BUSINESS WIRE)--Medivation, Inc. (NASDAQ:MDVN) today reiterated its rejection of Sanofi's substantially inadequate proposal to acquire the Company for $52.50 per share in cash, following the receipt of a letter from Sanofi.

Medivation notes that Sanofi’s letter simply restates an inadequate proposal that the Medivation Board of Directors has already determined substantially undervalues the Company, its leading oncology franchise, and innovative late-stage pipeline. Medivation’s Board of Directors believes the execution of Medivation’s business plan will deliver value to its stockholders that is far superior to Sanofi’s proposal. Medivation’s Board will continue to act in the best interest of its stockholders.

As previously announced, the Company will host a live teleconference with management to discuss first quarter 2016 results, followed by a presentation to review the Company's business performance and future prospects today at 4:30 p.m. Eastern Time.

A press release announcing the first quarter 2016 will be released after markets close on May 5, 2016.

  • Individuals may access the live audio webcast of the two hour live teleconference and presentation materials by visiting: Please connect to the website prior to the start of the conference call to ensure adequate time for any software downloads that may be necessary to listen to the webcast.
  • Interested parties may also listen to the teleconference:

Evercore and J.P. Morgan are serving as financial advisors to Medivation, and Wachtell, Lipton, Rosen & Katz and Cooley LLP are acting as legal counsel.

About Medivation, Inc.

Medivation, Inc. is a biopharmaceutical company focused on the development and commercialization of medically innovative therapies to treat serious diseases for which there are limited treatment options. Medivation aims to transform the treatment of these diseases and offer hope to critically ill patients and their families. For more information, please visit us at a>