Sanofi wants to dump Medivation's board after rejected deal

AP News
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Posted: May 25, 2016 10:59 AM

NEW YORK (AP) — French drug company Sanofi is trying to toss the entire board at Medivation after the U.S. drugmaker rejected its $9.3 billion takeover bid.

Sanofi said Medivation has refused to discuss a deal. It named eight people on Wednesday that could replace Medivation's current board and who would be open to negotiations. Sanofi asked Medivation shareholders to approve its picks. Shareholders are scheduled to vote at Medivation's annual meeting now scheduled for June 22.

In a letter Wednesday, Medivation told its shareholders to reject Sanofi's attempted board coup. The San Francisco company said earlier this month that the offer from Sanofi — worth $52.50 per share — undervalued the company.

Sanofi's board nominees include former Arch Chemicals CEO Michael Campbell and Barbara Deptula, a former executive at Irish eye drugmaker Shire.

Shares of Medivation Inc. fell 64 cents to $61.27 in morning trading Wednesday. Shares of Sanofi rose 87 cents, or 2.2 percent, to $41.08.