Pfizer Inc. (PFE) has approached Medivation Inc. (MDVN) about a possible purchase of the biotech company, Reuters reported Tuesday, citing people familiar with the matter.

On Friday, Medivation rejected Sanofi SA's (SNY) $9.3 billion takeover bid, saying it undervalued the company.

Medivation shares recently traded up 5% to $60.35.

Full story at http://www.reuters.com/article/us-medivation-m-a-pfizer-exclusive-idUSKCN0XU2C6

Write to nymonitoring@dowjones.com

(END) Dow Jones Newswires

May 03, 2016 18:39 ET (22:39 GMT)

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