AstraZeneca considering $10 billion bid for Medivation, according to reports

12 July 2016

Anglo-Swedish pharmaceutical company AstraZeneca (LSE: AZN) is considering a $10 billion bid for US cancer drugmaker Medivation (Nasdaq: MDVN), according to reports.

It comes after Medivation, which makes blockbuster prostate cancer drug Xtandi (enzalutamide), successfully fought off a three-month hostile takeover attempt by French pharma major Sanofi (Euronext: SAN).

Last week it was announced that Medivation had entered into confidentiality agreements Sanofi and a number of other companies, including US biotech firm Celgene (Nasdaq: CELG) and biopharmaceutical giant Pfizer (NYSE: PFE).

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