Medivation board rejects Sanofi's $9.3 billion takeover offer

April 29, 2016 1:05 PM

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Medivation board rejects Sanofi's $9.3 billion takeover offer

Medivation Inc (MDVN.O) said on Friday its board rejected an unsolicited $9.3 billion takeover proposal from Sanofi SA (SASY.PA), saying the offer undervalued the company and its pipeline of oncology drugs.

The French drugmaker went public with its $52.50 per share cash offer on Thursday. Medivation's shares were trading at $56.41 before market open on Friday.

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