Medivation Urges Stockholders To Reject Sanofi's Consent Solicitation

(RTTNews) - Medivation, Inc. (MDVN) urged its stockholders to reject Sanofi's attempt to replace the company's entire Board with hand-picked nominees through a proposed consent solicitation. Medivation expects to promptly file consent revocation materials with the U.S. SEC.

David Hung, CEO of Medivation, said: "The proposal to replace our existing directors with Sanofi's hand-picked nominees is simply a tactical maneuver to facilitate a transaction that will transfer value that rightly belongs to Medivation stockholders to Sanofi."

On April 29, 2016, the Medivation Board unanimously rejected Sanofi's non-binding proposal to purchase Medivation for $52.50 per share in cash.