French drugs firm Sanofi's logo is pictured inside the company's headquarters during the company's 2014 annual results presentation in Paris February 5, 2015. REUTERS/Charles Platiau

Medivation has rejected Sanofi’s $9.3 billion offer, saying it seriously undervalues the company. Sanofi’s offer came in at $52.50 per share, which was almost $4 less than Medivation’s share price as at Friday 29th of April. The decision to reject the offer was unanimous by the board, according to a statement from Medivation CEO David Hung.

The pharmaceuticals industry has been rife with merger activity this year thus far, as larger players look to cut costs and purchase smaller companies with new products. US based Medivation specialises in cancer treatments, and has one very successful product on the market and is working on several others with very promising results. Sanofi is committed to the deal however and is preparing a new proposal. Investors are sure that if another offer doesn’t come from Sanofi, it will come from others.