Medivation Rejects Sanofi's Latest Bid, But Enters Confidential Negotiations
After two months of public, hostile back-and-forth, Sanofi agreed to confidentially discuss a potential acquisition of Medivation, putting the French pharma on equal footing with the biotech company's other suitors.
You may also be interested in...
As the CEO of Axovant, David Hung is back where he started with Medivation – working on a drug for Alzheimer's disease.
Six pharma deals announced thus far in 2016 carried up-front values of $1 billion or more, down considerably from the high-volume, high-value M&A industry experienced the prior two years. Pharma manufacturers appear to be recalibrating – digesting previous acquisitions, adjusting to new biotech valuations and taking stock of the political and macro-economic climate – but fundamentals suggest pharma dealmaking will pick up. Pfizer’s $14 billion offer for Medivation might represent a turning point.
Losing Medivation could end up being a winning proposition for the French pharma if it can boost its cancer franchise another way, like by acquiring its partner in multiple collaborations Regeneron or making a less expensive takeout, such as Incyte or Ariad.