Deals and IPOs

France's Sanofi makes $9.3B bid for Medivation

An employee works on an influenza vaccines production line at the factory Sanofi Pasteur.
Charly Triballeau | AFP | Getty Images

French pharmaceuticals group Sanofi said on Thursday it had made an all-cash offer to buy U.S. biotech firm Medivation in a deal worth about $9.3 billion.

Sanofi said in a statement it was proposing a non-binding proposal to buy Medivation for $52.50 per share, representing a 50 percent premium over the San Francisco-based firm's recent volume weighted average share price prior to takeover rumors.

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