Skip to NavigationSkip to content

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

Mission Statement
Pharmafile.com is a leading portal for the pharmaceutical industry, providing industry professionals with pharma news, pharma events, pharma service company listings and pharma jobs,
Site content is produced by our editorial team exclusively for Pharmafile.com and our industry newspaper Pharmafocus. Service company profiles and listings are taken from our pharmaceutical industry directory, Pharmafile, and presented in a unique Find and Compare format to ensure the most relevant matches