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Sanofi Leans on Medivation to Enter Talks After $9.3B Offer

France's Sanofi (SNY - Get Report) on Thursday went public with a campaign to buy Medivation (MDVN - Get Report) , disclosing that a $9.3 billion cash offer for the San Francisco developer of cancer medicines had fallen on deaf ears.

Sanofi described its proposal, pitched at $52.50 per share, as nonbinding, and published a letter from CEO Olivier Brandicourt to Medivation president and CEO David T. Hung urging a meeting. In the Thursday letter Brandicourt complained that the target had ignored an April 15 letter outlining the proposed terms of the Sanofi offer, having rebuffed the suitor in a phone call on April 3. The two sides held their first phone conversation on March 25, Sanofi's letter...


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