Paris, France – June 8, 2016 – Sanofi today announced that it has filed an investor presentation with the U.S. Securities and Exchange Commission (“SEC”) in connection with its proposed acquisition of Medivation, Inc. (NASDAQ: MDVN). This presentation is available on the Investor Relations section of Sanofi’s website.
Among other things, the presentation notes:
- The proposed transaction would provide compelling strategic and financial benefits for Sanofi and Medivation shareholders;
- Sanofi’s proposal is not subject to any financing condition and the company is confident in its ability to receive all necessary regulatory approvals;
- Combining with Medivation would accelerate Sanofi’s strategic priority of rebuilding a competitive position in oncology;
- Sanofi has stated on several occasions that if Medivation were to engage and provide information, it would be in a position to increase its offer and is confident that it would be able to offer significant additional value;
- Sanofi is willing to enter into a customary confidentiality agreement with Medivation, which would include a reasonable standstill to give time for Medivation to conduct a sale process;
- The consent solicitation process allows Medivation shareholders to demonstrate support for a transaction by removing and replacing the Medivation Board with directors committed to acting in the best interest of maximizing value for Medivation shareholders;
- Sanofi believes there is a clear path to completion: the record date to determine Medivation shareholders entitled to give their written consent has been established as June 1, 2016; Sanofi expects the initial Hart-Scott-Rodino (HSR) waiting period to expire on June 13, 2016; Sanofi anticipates filing definitive consent solicitation materials in mid-June 2016; and Sanofi signed a consent on June 3, 2016 for the shares it owns in Medivation and therefore expects that the 60-day consent solicitation period will conclude no later than August 1, 2016; and
- Sanofi believes that Medivation’s shareholders overwhelmingly support the sale of Medivation and want Medivation to engage with Sanofi.