PARIS/NEW YORK (Reuters) – France's Sanofi said it could raise its proposed $9.3 billion deal to buy Medivation if the U.S. cancer drugmaker engaged in talks, threatening to go directly to shareholders to oust the board if not. Sanofi Chief Executive Olivier Brandicourt wrote in a letter to the board of Medivation published on Thursday that the transaction was a priority for the French drugmaker and it was committed to seeing it through. San Francisco-based Medivation said on Thursday it had received a letter from Sanofi that “simply restates an inadequate proposal that… substantially undervalues the Company, its leading oncology franchise, and innovative late-stage pipeline”.
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Sanofi ready to up offer for drugmaker Medivation, could oust board