Medivation previously rejected French drugmaker Sanofi's offer of $58 a share, plus a contingent value right valued at a maximum of $3 a share. The Financial Times reported earlier on Sunday that the Pfizer agreement was imminent. The deal is a blow to Sanofi's cancer ambitions. It has spent five months both courting and pressuring Medivation to reach a takeover agreement. Sanofi CEO Olivier Brandicourt may have pushed his case too aggressively. After Sanofi's initial offer of $52.50 a share was spurned, the Paris-based drugmaker chose to go straight to Medivation investors, seeking their support to oust the board. Medivation warned of a "devil's bargain" that would usher in new directors who might settle for a takeover price that wasn't in shareholders' interest. Sanofi dropped the hostility in July as Medivation agreed to enter into confidentiality agreements.