With Medivation, Pfizer Sees A Chance For More Combinations
Most of the $14bn value Pfizer agreed to pay to buy Medivation is tied to future growth of Xtandi, according to the company, but two pipeline assets and the potential to combine drugs could offer upside.
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Protocol changes for the Phase III ARCHES and EMBARK trials will deliver results in hormone-sensitive prostate cancer a year and a half earlier than expected. Xtandi may then gain a valuable new indication sooner than anticipated, but generics for competitor Zytiga could launch before then.
A Phase IV study exploring Pfizer/Astellas’ Xtandi in combination with J&J’s Zytiga failed to increase progression-free survival in metastatic prostate cancer patients who progressed on Xtandi alone. Positive data would have been good news for Pfizer, which recently spent $14bn to gain Xtandi.
In Q3, biopharma financing totaled $7.4 billion, a large proportion of which was by rare disease developers; among the highlights in the $23 billion in M&As was Allergan's buying spree, including two NASH companies. Just over $20 billion went into biopharma alliance dealmaking, and neurology assets attracted many of the dollars.