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Pfizer joins the race, bids for Medivation – Reports

Published on 04/05/16 at 09:16am

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

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