(Reuters) - French drugmaker Sanofi (PA:SASY) on Wednesday named eight candidates to replace the entire board of Medivation, stepping up pressure on the U.S. cancer drug company which has rejected its $9.3 billion (6.3 billion pounds) takeover approach.
Reuters reported earlier that Sanofi was about to propose a new board line-up, taking advantage of a so-called 'written consent' rule that gives Medivation shareholders the ability to act at any time to replace directors.
"Despite multiple attempts, both prior to and following the public disclosure of Sanofi's proposal, Medivation has thus far refused to engage with us regarding the merits of a value creating transaction," said Sanofi CEO Olivier Brandicourt.
"Unfortunately, this has left us with no choice but to commence a process to elect directors who are more open to supporting the best interests of Medivation shareholders regarding a potential transaction."
Sanofi's nominees are Michael Campbell, Barbara Deptula, Wendy Lane, Ronald Rolfe, Steven Shulman, Charles Slacik, James Tyree and David Wilson -- a roster of independent candidates with experience in the drug industry, banking and the law.
Medivation rejected Sanofi's approach last month and said again last week that its $52.50 per share cash offer was "not close to a reasonable starting point for providing information or commencing discussions".
Medivation shares ended trading on Tuesday in New York at $61.91.
The U.S. company has, however, signed non-disclosure agreements to share confidential information with other potential acquirers, including Pfizer (NYSE:PFE) and Amgen (NASDAQ:AMGN), sources told Reuters earlier this month.
In a new letter to Medivation's board on Wednesday, Brandicourt expressed frustration at this.
"There have been published reports that you have signed confidentiality agreements with other parties. If that is accurate, we cannot see how you have not done so with us," he wrote.
Sanofi wants Medivation - which sells a successful prostate cancer drug called Xtandi and has others in development - to expand in the lucrative oncology sector, as it seeks new businesses to compensate for flagging diabetes revenues.
Brandicourt said Sanofi was in a position to provide more value than any other party, given the strategic importance of the transaction to the Paris-based company.