Sanofi Seeks to Change Medivation Board as Advances Spurned

Sanofi plans to ask Medivation Inc. shareholders to oust the board that spurned its $9.3 billion takeover offer.  The Paris-based company proposed “eight independent and highly qualified candidates who are willing to fully and fairly evaluate all of Medivation’s strategic options, including Sanofi’s acquisition offer,” it said in a statement on Wednesday. Chief Executive Officer Olivier Brandicourt wielded a carrot as well as a stick: if the existing board engages in talks, Sanofi could raise its offer, he wrote in a letter to directors dated May 25. Biotechnology companies Celgene Corp. and Gilead Sciences Inc. are also considering bids for Medivation, according to people familiar with the matter.

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