logo

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

pharmafile | July 12, 2016 | News story | Manufacturing and Production, Sales and Marketing AstraZeneca, Celgene, Medivation, Pfizer, Xtandi, cancer drug, merger and acquisition 

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

Related Content

EC approves Pfizer’s Emblaveo for multidrug-resistant infection treatment

Pfizer has announced that the European Commission (EC) has granted marketing authorisation for Emblaveo (aztreonam-avibactam) …

AstraZeneca shares results for Imfinzi in phase 3 trial for small cell lung cancer

AstraZeneca has announced positive high-level results from the phase 3 ADRIATIC trial, which demonstrated that …

FDA accepts BLA for AstraZeneca and Daiichi Sankyo’s datopotamab deruxtecan for breast cancer treatment

AstraZeneca and Daiichi Sankyo have announced that their Biologics License Application (BLA) for datopotamab deruxtecan …

Latest content