Sanofi enters into confidentiality agreement with Medivation

Sanofi agrees to standstill and to withdraw consent solicitation.

Sanofi also confirmed that on 27 June it advised Medivation that upon signing a confidentiality agreement and being provided information, Sanofi would increase its offer to $58.00 in cash and $3.00 in the form of a contingent value right (CVR) relating to Talazoparib sales performance.

"We are pleased to have the opportunity to engage with Medivation," said Olivier Brandicourt, Chief Executive Officer, Sanofi. "Our willingness to increase our offer is driven by our in-depth analysis of the benefits and value creation potential of a combination. We look forward to discussions with Medivation on a combination which we believe is the most value creating transaction for both companies' shareholders, and would provide Medivation and its employees with an outstanding platform to further grow its oncology franchise."

Under the confidentiality agreement, Sanofi has agreed to a customary standstill for 6 months subject to limited early termination events and has agreed to withdraw its consent solicitation. Sanofi is confident that its due diligence can be quickly completed and that if an agreement is reached on a mutually acceptable transaction, Sanofi can close promptly given that it has received US regulatory clearance, and there would be no financing condition.