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AstraZeneca mulling a $10-billion bid for Medivation - report

Published on 12/07/16 at 09:45am

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

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