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4-Traders Homepage  >  Equities  >  Euronext Paris  >  Sanofi    SAN   FR0000120578

SANOFI (SAN)

Delayed Quote. Delayed  - 04/29 05:37:54 pm
72.11 EUR   -5.36%
02:19p BRIEF : Sanofi girds for another fight
04/30 SANOFI : Zealand reports Lyxumia royalty revenue for Q1 2016 and sub..
04/29 SANOFI : offers to buy Medivation for $9.3bn
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BRIEF: Sanofi girds for another fight

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05/01/2016 | 02:19pm CEST

May 01--Sanofi shares drop after Medivation bid

Shares of Sanofi slid last week following news of the company's bid for takeover of another pharmaceutical company, with shares falling 7 percent to a Friday close of $40.98 per share.

Sanofi announced a bid for Medivation, even after the company snubbed a $9.3 billion offer, calling the $52.50-a-share proposal undervalued. Medivation has the popular prostate cancer drug Xtandi.

Sanofi shares took a hit last week after the revelation, as investors worried about the company getting sucked into a costly battle with other companies.

Astellas Pharma, Medivation's partner on Xtandi, and AstraZeneca have been mentioned as potential suitors.

Sanofi acquired the company Genzyme after a protracted fight in 2011.

Sanofi said first-quarter net profit grew 3.5 percent.

The French drugmaker has a vaccine production facility in Swiftwater, Monroe County, and VaxServe Inc., a health care supplier and distributor, based in Scranton.

-- DAVID FALCHEK

___

(c)2016 The Times-Tribune (Scranton, Pa.)

Visit The Times-Tribune (Scranton, Pa.) at thetimes-tribune.com

Distributed by Tribune Content Agency, LLC.

© Tribune Content Agency, source Regional News

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