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Sanofi signs confidentiality agreement with Medivation for due diligence access for potential deal

Published on 06/07/16 at 08:30am

Sanofi (Euronext: SAN) confirmed it has entered a confidentiality agreement with cancer drugmaker Medivation (Nasdaq: MDVN) under which it will be provided due diligence access and confidential information. 

On June 27, Sanofi asked Medivation to sign a confidentiality agreement following which it offered to increase its offer to $58.00 in cash and $3.00 in the form of a contingent value right (CVR)  relating to Talazoparib sales performance. 

Medivation subsequently rejected the Sanofi proposal. 

Under the confidentiality agreement, Sanofi has agreed to a customary standstill for six months subject to limited early termination events and has agreed to withdraw its consent solicitation. 

Olivier Brandicourt, chief executive officer, Sanofi, said: "We are pleased to have the opportunity to engage with Medivation. Our willingness to increase our offer is driven by our in-depth analysis of the benefits and value creation potential of a combination.  We look forward to discussions with Medivation on a combination which we believe is the most value creating transaction for both companies' shareholders, and would provide Medivation and its employees with an outstanding platform to further grow its oncology franchise." 

Anjali Shukla

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