18th Apr 2016 05:47
LONDON (Alliance News) - UK pharmaceutical giant AstraZeneca PLC is preparing to join the bidding for California-based drug firm Medivation Inc, according to a report in The Sunday Times.
NASDAQ-listed Medivation has a market capitalisation of USD8.38 billion, and the newspaper said the prostate cancer specialist could fetch around USD10 billion.
Citing "City and Wall Street sources", The Sunday Times said AstraZeneca has been tracking CMedivation for six months. It is yet to make a formal offer but has held internal talks about a bid, the Sunday Times sources said.
Medivation rejected an approach from French developer Sanofi, the newspaper said, with others believed to be interested including the US's Gilead Sciences and Celgene, and Swiss firm Roche.
http://www.thetimes.co.uk/edition/business/astra-draws-up-blockbuster-bid-for-7bn-rival-2pw7rbfxw?acs_cjd=true
By Tom Waite; [email protected]; @thomaslwaite
Copyright 2016 Alliance News Limited. All Rights Reserved.
Related Shares:
Astrazeneca