Sanofi says committed to Medivation takeover
PARIS (Reuters) - Sanofi <SASY.PA> said on Friday it remained committed to acquiring U.S. drug firm Medivation <MDVN.O> and that it was ready to speak directly to its shareholders.
Medivation said earlier that its board rejected an unsolicited $9.3 billion takeover proposal from Sanofi, saying the offer undervalued the company and its pipeline of cancer drugs.
"Sanofi is a disciplined acquirer and has a strong acquisition track-record," the French drugmaker said in a statement. "While to date Medivation has chosen not to enter into discussions regarding this value-creating transaction, Sanofi remains committed to the combination.
"Combining Sanofi and Medivation represents a compelling strategic and financial opportunity to drive immediate and certain value for Medivation's shareholders," it added.
(Reporting by Matthias Blamont; Editing by James Regan)
