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
Insurance Coverage Under the Affordable Care Act Supports Clinical Trial Enrollment, Says Study

July 20, 2017 - Since the Patient Protection and Affordable Care Act (ACA) was passed in 2010, insurance approval for patients wishing to participate in oncology clinical trials has increased, according to a recent study published in the journal, Clinical Cancer Research.

Featured In: Clinical Trial News


FDA Approves Puma Biotechnology’s Extended Adjuvant Therapy for Breast

July 19, 2017 - Puma Biotechnology’s breast cancer drug Nerlynx (neratinib) has been approved by the US Food and Drug Administration (FDA).

Featured In: Biotech News


CAR-T Cell Therapy Shows Promise as Leukemia Treatment in Early Stage Clinical Trial

July 19, 2017 - About 70 percent of clinical trial participants with chronic lymphocytic leukemia experienced tumor shrinkage after being treated with CAR-T immunotherapy, according to researchers at Fred Hutchinson Cancer Research Center.

Featured In: Clinical Trial News


 
  
THE XTALKS VITALS INDUSTRY BLOG

Manufacturing Control Strategies: What Pharmaceutical and Biotech Companies Need to Know

REGISTER FOR THESE WEBINARS

Outsourcing Pharmacovigilance: Pros and Cons and Lessons Learned


EDC and eSource: Combined for Better Data and Faster Insights


Using Model Reduction to Bridge the Quality Systems Pharmacology-Pharmacometrics Divide


How to Maximize Your Non-GLP Toxicology Studies: A Guide for Optimal Design and Methodology


Copyright © 2016-2017 Honeycomb Worldwide Inc.