AstraZeneca mulling a $10-billion bid for Medivation – report
pharmafile | July 12, 2016 | News story | Manufacturing and Production, Sales and Marketing | AstraZeneca, Celgene, Medivation, Pfizer, Xtandi, cancer drug, merger and acquisition
Anglo Swedish drug firm AstraZeneca (LSE: AZN) is considering a $10-billion takeover bid for Medivation (Nasdaq: MDVN), according to reports.
The company is said to have revived its interest in the Maker of prostate cancer drug Xtandi (enzalutamide) and potentially looking to join the fray.
Medivation has a promising pipeline of cancer drugs making it an attractive target for big pharma firms looking to bolster their portfolio amidst shrinking profits.
Last week, Medivation rejected a raised takeover offer from Sanofi of $58 a share in cash. Medivation has also disclosed that it signed confidentiality agreements regarding a potential transaction with several companies, including the French drugmaker.
Reports have also indicated to US pharma giant Pfizer’s (NYSE: PFE) interest in Medivation for a potential takeover. Pfizer, as well as biotech firm Celgene (Nasdaq: CELD), are rumoured to be among the companies to have signed confidentially agreements with Medivation.
Anjali Shukla
Related Content
AstraZeneca’s Tagrisso approved in Japan for lung cancer treatment
AstraZeneca has announced that Tagrisso (osimertinib) in combination with pemetrexed and platinum-based chemotherapy has been …
AstraZeneca’s Imfinzi approved in US for endometrial cancer treatment
AstraZeneca has announced that the US Food and Drug Administration (FDA) has approved Imfinzi (durvalumab) …
Pfizer shares update on DMD gene therapy clinical trial
Pfizer has announced an update from its phase 3 randomised, multicentre, double-blind, placebo-controlled CIFFREO trial, …