Medivation open to merger talks with Pfizer, Amgen


NEW YORK CITY: US biotech company Medivation has opened the door to being bought by either Pfizer or Amgen, a person familiar with the matter told Agence France-Presse on Tuesday.

Less than two weeks after rebuffing a $9.3 billion bid from French giant Sanofi, the San Francisco developer of anti-cancer therapies has now signed non-disclosure agreements related to merger talks with the two US pharmaceutical companies, the source confirmed.

The agreements permit both potential suitors access to confidential information about Medivation, which developed the blockbuster prostate cancer medication Xtandi.

There is no guarantee that either company will bid for Medivation, the person said.

The agreements follow Medivation’s decision to turn down Sanofi’s unsolicited April 28 bid. Medivation said Sanofi “substantially” undervalued the company.

Medivation had 2015 sales of $945.3 million, while Amgen’s sales were $21.7 billion and Pfizer’s were $48.9 billion.

Medivation and Pfizer did not immediately respond to queries. Amgen declined comment.


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