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Sanofi said to weigh alternative deals to Medivation; eyes BioMarin Pharmaceutical - sources

Posted: 16 Jun 2016 11:22 PM PDT

French pharmaceutical giant Sanofi is working on a back up plan in case it fails to win its $9.3 billion hostile pursuit of US-listed Medivation.

Top sources have told me the French pharmaceutical giant has begun looking US-based rare disease specialist BioMarin Pharmaceutical as a potential alternative takeover deal after growing frustrated in its pursuit of Medivation, which has resisted the French company's advances.

Last month, Sanofi launched a formal attempt to kick out the entire Medivation board after the US company rebuffed a $52.50 a share takeover proposal. Medivation has urged its shareholders to reject Sanofi's proposal for a new board.

Bio Marin, run by Jean Jacques Bienaime, has been courted over the last couple of years by the likes of Switzerland-based Roche and London-listed Shire but up until now has opted to remain independent.

However, the company's shares have fallen from a high of $150 in the middle of last year to around $80 a share, potentially leaving the business vulnerable to an approach.

Now, clearly the very idea of Sanofi - which is being advised by Morgan Stanley and Goldman Sachs - looking at an alternative deal to Medivation might just give the US company's shareholders that extra bit of encouragement to work with the French giant in replacing Medivation's board. But this story really has come from excellent sources, so I'm taking Sanofi's interest in BioMarin seriously.

Other potential targets for Sanofi include Actelion although recent comments from Jean-Paul Clozel, the founder and chief executive, imply it's unlikely he is willing to sell the business.

When asked about BioMarin, a spokesperson for Sanofi declined to comment. A BioMarin spokesperson also declined to comment.
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