French drugmaker Sanofi and its takeover target Medivation on Monday said they had filed official materials with the U.S. Securities and Exchange Commission, as their $9.3 billion battle advances to the next phase.
The announcements, which for Sanofi was the filing of definitive proxy materials and for Medivation the filing of a definitive consent revocation statement, signify that the documents have received the agency’s blessing.
Sanofi wants to oust the board of Medivation, in order to put in place directors in support of its $52.50 offer to buy the U.S. cancer drug company. Sanofi has promised to raise the offer if the target agrees to engage and provide key information.
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