PARIS, Aug 22 (Reuters) - French pharmaceutical group Sanofi reacted to Pfizer’s roughly $14 billion cash deal for Medivation Inc by saying it had appreciated the chance to engage in talks with Medivation in past weeks.
The company did not explicitly rule out making a higher offer for the U.S. cancer drug company.
“While we recognized the potential strategic benefits of a combination with Medivation, we are first and foremost a disciplined acquirer and remain committed to acting in the best interests of Sanofi shareholders,” Sanofi said in a statement.
Pfizer Inc said on Monday it would buy Medivation in a deal valued at about $14 billion to boost its oncology portfolio. Pfizer will offer Medivation shareholders $81.50 per share in cash, a substantial premium to Sanofi’s first offer of $52.50 made in April.
Reporting by Noelle Mennella; Writing by Geert De Clercq; Editing by Richard Lough