According to Reuters, the anti-cancer drug development company Medivation has been approached by Pfizer and approached the acquisition. This happened just a week after the San Francisco company’s board rejected the 9.3 billion offer from French pharmaceutical giant Sanofi. At the time, the board of directors considered the offer to be too low.
Medivation's share price has soared 96% in the past three months, bringing its market capitalization to nearly $10 billion, reaching a value of 9.6 billion.
Just before the bidding war, Medivation Biotech was valued at $8.7 billion (£6 billion) and is already at the high end of the valuation, the British newspaper Sunday Times said.
Today, Nasdaq-listed Medivation has been sought after for nearly a week, and its stock price has climbed. From the position of about $44 a week ago, it has appreciated to nearly $54 a week ago.
“Medivation has not yet decided whether to negotiate with Pfizer and to discuss it with financial and legal counsel,†a source said. “It is not certain that Pfizer will indeed bid.â€
Medivation continues to receive quotes from external buyers and has to hire investment bank JP Morgan Chase for help.
On Wednesday, Medivation, Pfizer, Sanofi and JPMorgan declined to comment on the acquisition.
At the same time, Sanofi said that the acquisition of Medivation had not been abandoned in a statement before Pfizer participated in the bid.
“Sinofi is a serious acquirer and has a strong M&A record,†it said. “Although Medivion has so far chosen not to enter into a discussion of this value-creating deal, Sanofi is still committed to the merger and looks forward to discussing our proposal directly with Medivation shareholders.â€
More new drugs on the road
As of the end of March, Medivation, based in San Francisco, has developed Xtandi, a prostate cancer drug that costs $129,000 a year. At the same time, clinical trials of breast cancer, B-cell lymphoma and non-alcoholic steatohepatitis NASH are underway.
This heavyweight drug, Xtandi, has been sold in the US for $1.15 billion in 2015, and Medivation expects sales to grow to between 1.4 billion and 1.5 billion. Worldwide sales are expected to reach $2 billion.
In September 2014, indications were expanded to use before prostate cancer chemotherapy, and the amount of prescriptions increased by 64%. In the treatment of prostate cancer, Johnson & Johnson's Zytiga (Abiton) is also used in the treatment of castrated prostate cancer.
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