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Amgen looking to join the fray, mulling Medivation bid - Reports

Published on 05/05/16 at 04:25pm

Biotech firm Amgen (Nasdaq: AMGN) is mulling a bid for Medivation (Nasdaq: MDVN), the latest to join the growing list of companies racing to acquire the cancer drugmaker, according to reports.

The news comes just when the French drug firm Sanofi (Euronext: SAN) intensified pressure on Medivation to accept its $9.6 billion cash offer following an unsolicited bid last week.

The company in a letter to Medivation’s board said its extensive conversations with shareholders demonstrated “overwhelming” support for the deal.

Sanofi said immediate engagement would be in the best interests of Medivation shareholders.

“As you know, your shareholders have the ability to act at any time by written consent to remove and replace the Board. If the Medivation Board of Directors continues to refuse to engage with us, then we intend to commence a process to remove and replace members of the Board,” Chief Executive Olivier Brandicourt said in a letter to Medivation. 

Earlier this week, US pharma giant Pfizer (NYSE: PFE) was also rumoured to be evaluating a bid for Medivation.

In April, UK drug firm AstraZeneca (LSE: AZN) was also believed to have held offer talks for Medivation.  

Anjali Shukla

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