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