Medivation Swats Down Hostile Takeover Attempt From Sanofi
Meanwhile, Amgen joins a pack of suitors eyeing the cancer therapy company.
The San Francisco Business Times:
As Sanofi Hints At Higher Takeover Price, Medivation Holds Its Ground
Medivation Inc. stonewalled a hostile takeover threat Thursday from Sanofi SA, reiterating that the French drug maker's $9.3 billion offer still undervalues the San Francisco cancer drug developer. The poker game between the two companies comes a day after Pfizer Inc. reportedly approached Medivation about making a separate takeover bid and as Sanofi hinted that it could offer a higher price. Yet Wall Street was only slightly moved by the drama, pushing Medivation's stock up 16 cents, or 0.27 percent, to $59.22 per share. (Leuty, 5/5)
Amgen Said To Join Health-Care Pack Weighing Medivation Bids
Amgen Inc. is considering a bid for Medivation Inc., joining a group of suitors circling the cancer therapy company, according to people with knowledge of the matter. Amgen is speaking with advisers as it evaluates whether to make an offer, the people said, asking not to be identified because the deliberations are private. No final decision has been made, and Amgen may decide against moving forward, they said. ... A spokeswoman for Thousand Oaks, California-based Amgen declined to comment. (Baigorri and Kirchfield, 5/5)