Sanofi SA Presses Forward On Hostile Takeover Of Medivation
San Francisco-based Medivation set Wednesday as the cutoff for shareholders to vote on the proposed replacement of its board. In other pharmaceutical news, the executives who took over Martin Shkreli's old company could get $700,000 in equity awards from the company.
The Wall Street Journal:
Medivation Sets Wednesday As Cutoff For Vote On Sanofi’s Proposal To Remove Board
Medivation Inc.’s shareholders as of close of business Wednesday will be able to vote on Sanofi SA’s proposal to replace the oncology drugmaker’s board. San Francisco-based Medivation set Wednesday as the so-called record date, hours after the French pharmaceutical company pressed forward its $9.3 billion hostile takeover bid. The biotech company has rejected Sanofi’s offer, calling it “substantially inadequate and opportunistically timed” and filed a revocation solicitation with the Securities and Exchange Commission. (Armental, 6/1)
San Francisco Business Times:
Execs Rescuing Martin Shkreli's Old Company In Line For $700K Award
The trio of executives walking KaloBios Pharmaceuticals Inc. through bankruptcy protection could get $700,000 in equity awards from the company, according to a regulatory filing by the company once led by widely reviled investor and pharmaceutical executive Martin Shkreli. (Leuty, 6/2)