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Medivation maybe mulling sale as bidding race heats up – Reports

Published on 10/05/16 at 09:31am

Cancer drugmaker Medivation (Nasdaq: MDVN) is evaluating a potential sale following the recent string of offers from big pharma firms, according to reports.

The reports suggest, the company has signed non-disclosure agreements granting US pharma giant Pfizer (NYSE: PFE) and Amgen (Nasdaq: AMGN) access to confidential information on Medivation.

Last week, French drugmaker Sanofi (Euronext: SAN) made an unsolicited bid for Medivation offering $52.50 per share or $9.3 billion in an all cash deal after the US drugmaker spurned its proposal for talks. 

Sanofi, looking to strengthen its prostate cancer portfolio, made the initial offer early April. The company followed up the offer for talks with a formal proposal on April 15.     

Pfizer and Amgen reportedly joined the bidding race in the following days. 

Anjali Shukla

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