Medivation Rejects Sanofi Takeover Bid

San Francisco-based Medivation Inc. has rejected Sanofi's $9.3 billion takeover offer, claiming that the French drugmaker’s bid undervalues the cancer-treatment company.

Sanofi said it will go directly the Medivation shareholders with its offer of $52.50 per Medivation share.

Medivation offers prostate cancer drug, Xtandi, and is developing other oncology treatments for breast cancer.

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