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Sanofi says committed to Medivation takeover

Reuters

PARIS (Reuters) - Sanofi (SASY.PA) said on Friday it remained committed to acquiring U.S. drug firm Medivation (MDVN.O) and that it was ready to speak directly to its shareholders.

Medivation said earlier that its board rejected an unsolicited $9.3 billion (6.35 billion pounds) takeover proposal from Sanofi, saying the offer undervalued the company and its pipeline of cancer drugs.

"Sanofi is a disciplined acquirer and has a strong acquisition track-record," the French drugmaker said in a statement. "While to date Medivation has chosen not to enter into discussions regarding this value-creating transaction, Sanofi remains committed to the combination.

"Combining Sanofi and Medivation represents a compelling strategic and financial opportunity to drive immediate and certain value for Medivation's shareholders," it added.

(Reporting by Matthias Blamont; Editing by James Regan)