NEW YORK (AP) — Drug maker Sanofi says it is still committed to its $9.3 billion acquisition offer for Medivation, even though the pharmaceutical firm has rejected its bid.
Sanofi has offered $52.50 per Medivation share. Medivation said Friday that its board decided the bid substantially undervalues the company and isn't in the best interest of shareholders.
Sanofi said that even though San Francisco-based Medivation has chosen to not engage in talks, it is still focused on the combination and will go directly to Medivation shareholders with its offer.
Paris-based Sanofi is looking to compete with the likes of America's Bristol-Myers Squibb, Switzerland's Roche and Britain's AstraZeneca, all three of whom have poured money into cancer drug research. Medivation's cancer treatments include Xtandi.