Sanofi Names Candidates, Committed To Replacing Medivation's Entire Board

Reuters reported early Wednesday morning that Sanofi SA (ADR) (NYSE: SNY) is preparing a list of candidates it plans to put forward to replace Medivation Inc (NASDAQ: MDVN)'s entire board of directors.

Sanofi has threatened to do so after Medivation rejected its $9.3 billion bid to acquire the company at a price of $52.50 per share. The company followed up on its threat in a regulatory filing, which was released Wednesday morning.

Related Link: Report: Medivation Committed To Selling Itself

"We are seeking your support for the removal of the Company Board as of the time the Removal Proposal becomes effective and the election of the Nominees, because we believe that the Company Board is not acting, and will not act, in your best interests," Sanofi said in the regulatory filing, which was sent to Medivation's shareholders.

"Specifically, despite the fact that the $52.50 per share price offered by Sanofi represents a premium of over 50 percent over the two-month volume weighted average price prior to there being takeover rumors, the Company Board has refused even to engage with us regarding our Proposed Offer."

The slate of nominees Sanofi presented include Michael Campbell, who served as CEO of Arch Chemicals; Ronald Rolfe, a retired lawyer; Barbara Deptula, a former executive vice president and chief corporate development officer at Shire; among others.

In Wednesday's pre-market session, Medivation was up 0.31 percent at $62.10, while Sanofi was up 2.01 percent at $41.03.