Pfizer joins the race, bids for Medivation – Reports

pharmafile | May 4, 2016 | News story | Manufacturing and Production, Research and Development, Sales and Marketing AstraZeneca, Deals, M&A, MA, Medivation, Pfizer, Sanofi 

US pharma giant Pfizer (NYSE: PFE) is rumoured to have joined the list of suitors vying for the Medivation (Nasdaq: MDVN) with an offer to merge, according to reports. 

Pfizer’s bid is expected to top the $9.3 billion offer made by French drugmaker Sanofi (Euronext: SAN) last week. 

Late last week, Sanofi made an unsolicited offered to buy Medivation (Nasdaq: MDVN) for about $9.3 billion in an all cash deal after the Medivation turned down the proposal. The offer was subsequently rejected by Medivation saying the deal undervalued the company.

Sanofi, looking to strengthen its prostate cancer portfolio, offered Medivation $52.50 per share after the latter turned down early April deal talks. Sanofi followed up with a formal proposal on April 15.     

Last month, Pfizer gave up its $160 billion merger deal with Botox maker Allergan (NYSE: AGN) after the US Treasury Department announced guidelines to crackdown on tax inversions for the corporates. 

Further, UK drugmaker AstraZeneca (LSE: AZN) has also been rumoured to have held initial internal talks for a potential bid for Medivation.

US-based Medivation is best known for its prostate cancer drug Xtandi.

Anjali Shukla

Related Content

Sanofi and Regeneron share results from phase 3 trial for Dupixent as COPD treatment

Sanofi and Regeneron have announced results from the second investigational phase 3 NOTUS trial for …

carlos-muza-hpjsku2uysu-unsplash_1

AstraZeneca launches health-tech business, Evinova

AstraZeneca has announced that it has launched Evinova, its new health-tech business, which it is …

FDA approves AstraZeneca’s Truqap plus Faslodex for breast cancer treatment

AstraZeneca has announced that the US Food and Drug Administration (FDA) has approved Truqap (capivasertib) …

Latest content