Sanofi to Spend $4.2 Million on Effort to Oust Medivation Board

Sanofi expects to spend about $4.2 million in an attempt to get Medivation Inc. shareholders to oust the U.S. drugmaker’s board. So far the Paris-based company has spent about $925,000 on the process, it said in a filing Tuesday with the U.S. Securities and Exchange Commission. France’s largest drugmaker has offered $75,000 to each of the eight candidates it’s nominating to Medivation’s board, according to the document. Sanofi Chief Executive Officer Olivier Brandicourt is going straight to the target’s investors, asking them to vote to eject the board that spurned his $9.3 billion takeover offer. Medivation, in a separate filing, warned of a “devil’s bargain” and said the new directors could settle for a takeover price that isn’t in shareholders’ interest.