AstraZeneca held "internal talks" regarding a potential bid for Medivation, but has not yet made a formal proposal, reported The Sunday Times, citing unnamed sources. According to the newspaper, AstraZeneca has been tracking Medivation for the past six months, while a senior healthcare banker is quoted as saying "they are looking very closely at an offer." AstraZeneca and Medivation declined to comment on the speculation.
Last week, a Bloomberg report said Medivation recently rejected an approach by Sanofi, and that the French drugmaker had not ruled out a hostile bid. Meanwhile, another recent report suggested Medivation is fielding interest from other companies regarding a potential acquisition, but that it had no plans to put itself up for sale. Roche, Gilead Sciences and Celgene are also thought to be interested in a possible Medivation bid.
Medivation markets the cancer therapy Xtandi (enzalutamide), which is approved in the US and Europe for the treatment of metastatic castration-resistant prostate cancer, in collaboration with Astellas. Last month, several US lawmakers asked the National Institutes of Health and the Department of Health and Human Services to intervene to lower the price of the prostate cancer therapy, which costs $129 000 for a course of treatment.
For related analysis, see ViewPoints: Medivation steels for a takeover fight – on the off chance one emerges.
To read more Top Story articles, click here.