Sanofi is hoping to remove Medivation's current Board of Directors by 1 August.
The French company has lodged an investor presentation with the US Securities and Exchange Commission in which it outlines the rationale for its proposed US$9.3 billion takeover of Medivation including taking aim at the company's overall performance in recent years.
Sanofi recently named eight candidates to replace Medivation's current Board of Directors after the maker of PBS-listed prostate cancer therapy XTANDI refused to engage on a potential acquisition.
Medivation is reported to have signed non-disclosure agreements with Pfizer and Amgen. Celgene and Gilead are also reported to be considering takeover bids. It has refused to engage with Sanofi, arguing that its offer undervalues the company. It has also questioned the French company's record in oncology.
Under Medivation's by-laws, shareholders can act by written consent without holding a shareholder meeting, meaning the Board of Directors can be removed and replaced with a single document signed by a majority of the company's shareholders.
Sanofi said in its presentation that, if Medivation were to engage in talks and provide information, it would be in a position to increase its offer and is confident it would be able to offer significant additional value.
"Sanofi believes that Medivation's shareholders overwhelmingly support the sale of Medivation and want Medivation to engage with Sanofi," it said.
