Sanofi pushes €8.1bn takeover offer

Sanofi says it has sent a letter to Medivation’s board, urging the company to engage in negotiations regarding the French drugmaker’s unsolicited $9.3bn (€8.1bn) takeover offer and threatening to go directly to shareholders if talks don’t begin.

Medivation’s top shareholders have signalled “overwhelming support” for a transaction, Paris-based Sanofi said in a letter yesterday. Medivation last week rejected the bid, saying it substantially undervalues the US drugmaker.

“You should know that an acquisition of Medivation is a priority for Sanofi and we are committed to effecting it,” Sanofi chief executive Olivier Brandicourt said in the letter to Medivation.