Sanofi Files Investor Presentation With SEC On Proposed Acquisition of Medivation

By Noemie Bisserbe

PARIS--French drugmaker Sanofi SA said Wednesday it had filed an investor presentation with the U.S. Securities and Exchange Commission in connection with its proposed acquisition of Medivation Inc., as it steps up pressure on the U.S. biotech firm.

Sanofi, which has been in pursuit of Medivation for more than two months, said that "combining with Medivation would accelerate Sanofi's strategic priority of rebuilding a competitive position in oncology," and "provide compelling strategic and financial benefits for Sanofi and Medivation shareholders."

Last month, Sanofi called a shareholder vote on whether to remove the entire board of the oncology drugmaker, after the U.S. cancer drug maker refused to engage in takeover talks. Sanofi said it had filed documents with the U.S. Securities and Exchange Commission, to open the way for a shareholder vote through written consent.

Wednesday's move is the next step in that process.

To prevent such a vote, the San Francisco-based company could still begin talks and open its books to Sanofi.

"Sanofi has stated on several occasions that if Medivation were to engage and provide information, it would be in a position to increase its offer and is confident that it would be able to offer significant additional value," said Sanofi.

Sanofi has made an offer worth $9.3 billion for Medivation, which the company promptly rejected, claiming Sanofi's proposal undervalued the cancer-treatment maker.

-Write to Noemie Bisserbe at [e-mail]

(END) Dow Jones Newswires

June 08, 2016 07:34 ET (11:34 GMT)

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