Medivation Inc. said Tuesday that an acquisition bid of $58 a share from Sanofi SA had been rejected by its board of directors, and that the San Francisco biotech has agreed to explore a potential sale to multiple parties. Sanofi is one of an unstated number of companies that has signed a confidentiality agreement with Medivation in order to review non-public information on the company, which develops drugs mostly for cancers that are hard to treat. Sanofi sought to replace the board of Medivation after it rejected previous bids from the French pharmaceutical giant. Pfizer Inc. has also been reportedly interested in acquiring the company, but the news release did not list other potential suitors beyond Sanofi. "Our board remains committed to objectively considering all avenues that may enhance our ability to deliver superior value," Medivation board chairman Kim Blickenstaff said in an announcement Monday. Medivation shares gained about 1.5% in late trading Monday, after closing with a 2.7% gain at $61.76; the company's stock is up nearly 28% on the year.
Copyright © 2016 MarketWatch, Inc.