April 29, 2016 / 1:27 PM / in 3 years

Medivation board rejects Sanofi's $9.3 billion takeover offer

The Sanofi logo is seen at the company's Sanofi Pasteur headquarters in Lyon, France, October 26, 2015. French drugs firm Sanofi will present its Q3 results on October 29. REUTERS/Robert Pratta

(Reuters) - 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.

“Our Board strongly believes that Medivation’s business plan will deliver value to our stockholders that is far superior to Sanofi’s offer and unanimously rejects your proposal,” Medivation said in statement.

Reporting by Amrutha Penumudi in Bengaluru; Editing by Saumyadeb Chakrabarty

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