Medivation's Board of Directors Unanimously Rejects Sanofi's Unsolicited Proposal - Seite 3

• Sanofi approached Medivation following a period of significant market dislocation in biotech and just as the market was beginning to recover.
• • The "private offer" was submitted to Medivation when the NBI index was almost 30% below its July 2015 high.
  • The proposal offer price is:
  • • 21% below Medivation's 52-week trading high of $66.40
    • Less than a 14% premium to Medivation's 12-month volume weighted average price, or VWAP
    • Only a 9% premium to Medivation's VWAP over the last month 

Medivation will provide additional information on its financial performance, XTANDI's utilization and the company's clinical development plans for talazoparib on next week's earnings call.

Kim D. Blickenstaff, Chairman of Medivation's Board of Directors, notes that "Medivation has a long history of producing superior growth and generating significant value for its stockholders. Since the launch of XTANDI, Medivation has achieved revenues of nearly $1 billion in just over three years. There are several exciting pipeline opportunities that will drive significant growth. The Board is determined to continue to aggressively focus on working for, and delivering value to, Medivation's stockholders."

The following is the text of the letter that was sent on April 29th, to Sanofi's CEO, Olivier Brandicourt:

Olivier Brandicourt
Chief Executive Officer
Sanofi
54, rue La Boétie
75008 Paris, France 

April 29, 2016

As we had indicated we would on April 18, 2016, the Board of Directors of Medivation, Inc. has thoroughly reviewed your proposal with the assistance of its financial and legal advisors. After careful consideration, the Board has concluded that your unsolicited proposal substantially undervalues the company and its prospects. Our Board strongly believes that Medivation's business plan will deliver value to our stockholders that is far superior to Sanofi's offer and unanimously rejects your proposal.

Yours sincerely,

David Hung, M.D.
Founder, President and Chief Executive Officer
Medivation, Inc.

Forward-Looking Statements

Forward-looking statements are made throughout this press release. The forward-looking statements in this press release include, but are not limited to, statements regarding Medivation's strategy, plans, initiatives and anticipated financial performance, expected clinical and regulatory developments and the potential for XTANDI and Medivation's pipeline assets and how they will drive growth for Medivation, and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements may also be identified by words such as "believes," "expects," "anticipates," "projects," "intends," "should," "estimates" or similar expressions. All forward-looking statement are subject to risks and uncertainties which may cause actual results to differ significantly from those expressed or implied by such forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, general economic conditions, Medivation's dependence on its collaboration relationship with Astellas to support the continued commercialization of XTANDI® (enzalutamide) capsules despite increasing competitive, reimbursement and economic challenges; risks that unexpected adverse events could impact sales of XTANDI; the inherent uncertainty associated with the regulatory approval process; and other risks detailed in Medivation's filings with the Securities and Exchange Commission, or SEC, including its annual report on Form 10-K for the year ended December 31, 2015, which was filed on February 26, 2016. You are cautioned not to place undue reliance on the forward-looking statements, which speak only as of the date of this press release. Medivation disclaims any obligation or undertaking to update, supplement or revise any forward-looking statements contained in this press release.