Upcoming Webinars Archived Webinars Training Vitals Host A Webinar About Get Updates Contact

Pfizer Considers Acquisition of Cancer Biotech, Medivation

XTALKS VITALS NEWS

Mergers & Acquisitions

Medivation has reportedly not decided whether they will engage in negotiations with Pfizer, who has yet to make a formal bid for the company.

Share this!

May 5, 2016 | by Sarah Massey, M.Sc.

According to a report by Reuters, Pfizer has approached Medivation to discuss a possible takeover deal. The news comes just days after Sanofi’s $9.3 billion bid was rejected by the cancer biotech.

Just one week ago, Sanofi went public with its cash offer for Medivation, valued at $52.50 per share. David Hung, CEO of Medivation, said, “We believe the continued successful execution of our well-defined strategic plan will deliver greater value to Medivation's stockholders than Sanofi's substantially inadequate proposal.”

Medivation has reportedly not decided whether they will engage in negotiations with Pfizer, who has yet to make a formal bid for the company. According to sources, Sanofi will wait until Medivation shows interest in selling before making a new bid.

With interest from Pfizer, Sanofi and AstraZeneca, Medivation may be able to command a higher price, if and when they decide to sell. The company’s lead asset – a prostate cancer drug called Xtandi – generated $1.9 billion in global sales in 2015. Medivation and Astellas divide all US revenue equally, with Medivation earning a royalty on international sales.



For Pfizer, the acquisition could help them boost their patented drug portfolio. Medivation would also be an important oncology buy for the company after the $160 billion merger with Allergan was scrapped.

Earlier this week, Pfizer reported strong earnings for the first quarter of the year. While previously well-performing drugs – such as Viagra and Lipitor – have shown flat or declining revenues, new drugs have helped to drive higher sales.

Interest in Medivation has already helped to increase the company’s stock to over $58 per share. This value is well over Sanofi’s offer, suggesting that other contenders will have to give them a higher valuation before they decide to sell.


Keywords: Cancer, Mergers & Acquisitions, Pfizer


| NEXT ARTICLE | MORE NEWS | BLOGS | VIDEOS | POLLS & QUIZZES | WEBINARS |

Share this with your colleagues!

MORE NEWS
Lavazza Acquires Controlling Stake in Canada’s Kicking Horse Coffee

May 26, 2017 - Italian coffee company Lavazza, has secured an 80 percent equity stake in Canadian organic and fair-trade coffee company Kicking Horse Coffee, in a deal worth CAD$215 million.

Featured In: Food News


FDA First: Keytruda Approved for Cancer Treatment Based on Biomarker Alone

May 25, 2017 - For the first time, the FDA has approved a cancer treatment for solid tumors based on the presence of a biomarker, as opposed to specifying a tissue of origin.

Featured In: Biotech News


One Year of Medically Assisted Dying in Canada

May 25, 2017 - In June of 2016, the federal government of Canada passed legislation to legalize medically assisted dying.

Featured In: Life Science News


 
  
THE XTALKS VITALS INDUSTRY BLOG

Top 5 Most Impactful Tweets in Life Sciences During the Last Week

REGISTER FOR THESE WEBINARS

EU IVD Regulation: Top Five Changes for Medical Device Manufacturers to Consider


Thermal Processing Systems for the Food Industry: A Guide to Selecting Thermal Equipment and Technology


Rare Disease & Orphan Drug Development: Cost-Efficient Trial Design to Minimize Cash Burn


eTMF Workflows: Active eTMF to Improve the Quality of Clinical Trials


Copyright © 2016-2017 Honeycomb Worldwide Inc.