AstraZeneca hold internal talks for Medivation takeover – reports
AstraZeneca (LSE: AZN) is said to have held initial internal talks concerning a potential £7 billion offer for US drug company, Medivation (NASDAQ: MDVN).
According to the Sunday Times, the company has yet to make a formal offer for the San-Francisco-based Medivation, which boasts a market cap of $8.38 billion. The firm bases much of its focus in oncology treatments.
AstraZeneca are said to be close to making an offer. This news comes a week after Bloomberg reported that Medivation had rejected an offer from Sanofi (EPA: SAN). Reports also suggest that Medivation had employed the services of Wall Street bank JP Morgan to help fend off unwanted takeovers. Shares in the company have risen as high as 10% in the past week.
Mergers (and failed mergers) are the topic du jour in the pharmaceutical industry this month after the failed Pfizer/Allergan inversion made headlines.
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