Medivation Reaches Confidentiality Agreements, Incl. With Sanofi

(RTTNews) - Medivation Inc. (MDVN) said that it has entered into confidentiality agreements with a number of parties that have expressed interest in exploring a potential transaction and demonstrated that interest to the Board of Directors' satisfaction.

Medivation also confirmed that it entered into a confidentiality agreement with Sanofi and that Sanofi agreed to terminate its consent solicitation.

Before entering into the confidentiality agreement with Sanofi, Medivation received from Sanofi, and Medivation's Board of Directors unanimously rejected as not in the best interests of the company and its stockholders, a new unsolicited proposal to acquire Medivation. The proposal, which was conditional upon the execution of a confidentiality agreement and the receipt of information, was for $58.00 per share in cash plus a Contingent Value Right for talazoparib sales representing a potential payment in 2022 of a maximum of $3.00 per share.

The confidentiality agreements include customary six-month standstill provisions, subject to limited early termination events, and Medivation expects to provide each party the opportunity in the near term to review non-public information and meet with Medivation's management.

Separately, Sanofi confirmed that it has entered into a confidentiality agreement with Medivation under which it will be provided due diligence access and confidential information. Sanofi indicated that it has been advised by Medivation that Sanofi is being given the same opportunity as others to participate in a process relating to a potential transaction. A dataroom will be opened and management meetings scheduled in the near term.