April 29, 2016

Sanofi Comments on Medivation’s Rejection of Proposal

 

Sanofi Comments on Medivation’s Rejection of Proposal

– Reiterates Commitment to Consummating Transaction –

Paris, France – April 29, 2016 – Sanofi  today commented on Medivation, Inc.’s (NASDAQ: MDVN) rejection of Sanofi’s non-binding all-cash proposal to acquire Medivation for $52.50 per share:

Combining Sanofi and Medivation represents a compelling strategic and financial opportunity to drive immediate and certain value for Medivation’s shareholders while benefiting patients and both companies’ respective stakeholders. Sanofi’s all-cash proposal represents over a 50 percent premium to Medivation’s two-month volume weighted average trading price (VWAP) prior to takeover rumors.  

Sanofi is a disciplined acquirer and has a strong acquisition track-record. While to date Medivation has chosen not to enter into discussions regarding this value-creating transaction, Sanofi remains committed to the combination and looks forward to engaging directly with Medivation shareholders with regard to our proposal.