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Sanofi is increasing pressure on U.S. drugmaker Medivation to discuss its acquisition offer, writing to its board of directors that the deal is a "priority" and that the Paris-based company will attempt to replace Medivation board members if they don't negotiate.
Sanofi offered $9.3 billion for the San Francisco drugmaker on April 28. Medivation's board promptly rejected that as undervaluing the company.
On Thursday, Sanofi released a letter sent to Medivation's board, stating that it is committed to the acquisition and might raise its offer price if Medivation will discuss the deal and can show "additional value."
Sanofi added that it's talked with Medivation's top shareholders and believes "there is overwhelming support by your shareholders for a transaction."
Medivation did not immediately respond to a request for comment.