Sanofi to replace entire Medivation board to drive sale, according to reports

pharmafile | May 16, 2016 | News story | Manufacturing and Production, Research and Development, Sales and Marketing Medivation, Sanofi, replace board, takeover 

Reports have emerged that Sanofi is looking to step up its efforts to take over oncology firm, Medivation, as it set to propose eight new members to the board.

The current board at Medivation have strongly opposed a sale, claiming that Sanofi’s offer “significantly undervalues” the company. Last week, Sanofi CEO Olivier Brandicourt wrote a letter to the board indicating that they would take steps to remove the board at Medivation if they refused to engage on a potential deal.

Sanofi is set to be receiving advice on their approach to the takeover from Goldman Sachs and Morgan Stanley.

Pfizer are also said to be actively pursuing a deal for Medivation, as they continued to source advice from Goldman Sachs.

To read our feature on why Medivation is so highly sought, please click here.

Sean Murray

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