AstraZeneca Group plcNYSE
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  • Fri, Nov. 11, 12:27 PM
    | Fri, Nov. 11, 12:27 PM | 5 Comments
  • Wed, Aug. 24, 3:10 AM
    • AstraZeneca (NYSE:AZN) has agreed to sell its small-molecule antibiotics operations to Pfizer (NYSE:PFE) in a transaction that could eventually be worth $1.575B.
    • The deal will allow AstraZeneca to focus on three main therapy areas and realize value "from the strong portfolio of established and late-stage small molecule antibiotics."
    • Pfizer will pay $550M upfront plus $175M in January 2019 and as much as $850M in milestones and sales-related payments.
    • The U.S. company will receive approved antibiotics Merrem, Zinforo and Zavicefta, and clinical-development treatments ATM-AVI and CXL. (PR)
    | Wed, Aug. 24, 3:10 AM | 18 Comments
  • Sun, Aug. 21, 6:39 PM
    • Pfizer (NYSE:PFE) is close to a $14B deal to acquire cancer drugmaker Medivation (NASDAQ:MDVN), FT says.
    • The price is about 1/3 higher than Medivation's closing price on Friday.
    • Pfizer would be beating out rivals including Celgene (NASDAQ:CELG), Gilead (NASDAQ:GILD), Sanofi (NYSE:SNY), Merck (NYSE:MRK) and AstraZeneca (NYSE:AZN), who have been pursuing Medivation for months.
    • Medivation has already rejected two "inadequate" bids from Sanofi, the last for $11B ($58/share).
    • Shares of Medivation have more than doubled in the last six months.
    • Medivation makes the leading prostate cancer drug, Xtandi, which is expected to generate $5.7B in annual revenue by 2020.It is also developing an experimental drug called Talazoparib, which is designed to stop tumor cells from multiplying by damaging their DNA.
    • Update: It's official. Pfizer will acquire Medivation for $81.50 a share (~$14B). The deal will be immediately accretive to Pfizer's non-GAAP EPS, adding ~$0.05 in the first full year after the transaction closes, expected by Q4. Its 2016 guidance will be unaffected. The deal will be financed with existing cash. Pfizer will host a conference call this morning at 9:00 am ET to discuss the acquisition.
    | Sun, Aug. 21, 6:39 PM | 92 Comments
  • Wed, Aug. 17, 1:30 PM
    • In-play Medivation (MDVN +2.1%) perks up on modestly higher volume on the news that Merck (MRK -0.3%) has joined Sanofi (SNY -0.5%), Celgene (CELG +0.3%), Gilead Sciences (GILD +1.7%), Pfizer (PFE +0.6%) and AstraZeneca (AZN -0.2%) as potential acquirers.
    • Medivation has already rejected two "inadequate" bids from Sanofi, the last for $11B ($58/share).
    | Wed, Aug. 17, 1:30 PM | 36 Comments
  • Thu, Jul. 28, 10:02 AM
    • AstraZeneca (AZN +5.8%) is up on average volume amid rumors that Novartis (NVS -0.6%) may have interest in a takeover. The timing could be right. Earlier today, AZN posted tepid Q2 numbers. Sales were down 11%, cash flow from operations down 83% with no earnings.
    | Thu, Jul. 28, 10:02 AM | 2 Comments
  • Mon, Jul. 11, 11:43 AM
    • According to the Sunday Times, AstraZeneca (AZN) is considering a $10B takeover offer for Medivation (MDVN +0.8%). It may be mulling a bid, but $10B appears a bit light considering that Medivation rejected a sweetened $11B ($58/share) offer from Sanofi (SNY +1%).
    • Analysts says Medivation is worth $70 - $75.
    • Various suitors are currently reviewing the company's books, a process that could take as long as six months.
    | Mon, Jul. 11, 11:43 AM | 6 Comments
  • Wed, Jun. 15, 12:45 PM
    • According to an unnamed source, Perrigo (PRGO -4.2%) is close to being acquired for $20B by a UK-based company (Glaxo or AstraZeneca?).
    • Although up almost 30% since mid-May, Perrigo is still down almost 50% from about a year ago.
    • (GSK +0.3%)(AZN +0.9%)
    | Wed, Jun. 15, 12:45 PM | 18 Comments
  • Thu, Jun. 9, 7:35 AM
    • Aspen Global acquires the ex-U.S. rights to AstraZeneca's (NYSE:AZN) seven-product anesthesia portfolio. Under the terms of the deal, AstraZeneca will receive an upfront payment of $520M, sales-based milestones up to $250M and double-digit royalties on net sales.
    • The portfolio consists of five local anesthetics: Carbocaine (mepivacaine), Citanest (prilocaine), Marcaine (bupivacaine), Naropin (ropivacaine) and Xylocaine (lidocaine/lignocaine), one topical anesthetic: EMLA (lidocaine + prilocaine) and one short-acting IV anesthetic/sedative: Diprivan (propofol).
    • Update: On September 1, AZN reported that the deal was completed.
    | Thu, Jun. 9, 7:35 AM | 5 Comments
  • Thu, May 26, 11:52 AM
    • Nano cap Biodel (BIOD -14.3%) gives all its merger news pop back as shares have completely retraced from yesterday's up move which was over 40% at one time but failed to hold.
    • Tuesday evening, the company announced that it would combine with privately held Albireo. The new company will do business as Albireo Pharma and trade under the symbol "ALBO." A syndicate of institutional investors, including AstraZeneca (AZN -0.1%) will invest $10M in the new organization.
    • Under the terms of the deal, Biodel shareholders will own ~33% of the combined firm while Albireo shareholders will own ~67%. Albireo chief Ron Cooper will be serve as President & CEO of Albireo Pharma while Chairman David Chiswell, Ph.D,, will continue as Chairman. The transaction should close in Q3.
    • The combined firm will focus on developing bile acid modulators for the treatment of a range of liver, gastrointestinal and other disorders. Albireo's lead product candidate is Phase 2-stage A4250 for the treatment of a pediatric orphan disease called Progressive Familial Intrahepatic Cholestasis, an inherited disorder characterized by the buildup of bile in the liver which usually leads to liver failure.
    | Thu, May 26, 11:52 AM | 3 Comments
  • Wed, May 25, 9:00 AM
    • According to Bloomberg, Celgene (NASDAQ:CELG) is considering a bid for Medivation (NASDAQ:MDVN), currently trying to hold off Sanofi (NYSE:SNY). Other suitors supposedly in the mix are Pfizer (NYSE:PFE), AstraZeneca (NYSE:AZN) and Amgen (NASDAQ:AMGN).
    • Sanofi is trying to replace Medivation's board after it rejected its per-share offer of $52.50.
    • Previously: Amgen another possible Medivation suitor (May 5)
    | Wed, May 25, 9:00 AM | 13 Comments
  • Thu, May 5, 11:38 AM
    • Move over Sanofi (SNY -3.3%), Pfizer (PFE +0.4%) and AstraZeneca (AZN -0.8%). Sources say Amgen (AMGN +0.1%) is considering a bid for Medivation (MDVN +0.2%). One thing appears certain: Sanofi needs to sharpen its pencil if it intends to close the deal. Its bid of $52.50 appears woefully short.
    | Thu, May 5, 11:38 AM | 11 Comments
  • Thu, May 5, 9:14 AM
    • In a letter to Medivation's (NASDAQ:MDVN) board, Sanofi (NYSE:SNY) CEO Olivier Brandicourt reiterates his firm's strong desire to negotiate the terms of an acquisition, saying its $9.3B offer ($52.50 per share) represents a tidy 50% premium over what shares were trading three months before.
    • He also says Sanofi has had extensive discussions with Medivation's top shareholders and they back the deal. Going a step further, he says Sanofi is prepared to go directly to shareholders if management does not proceed.
    • A competing bid appears likely [Pfizer (NYSE:PFE), AstraZeneca (NYSE:AZN)] so whatever Medivation decides to do, Sanofi will probably have to up its offer.
    • MDVN is up a fraction premarket while SNY is down 3%.
    • Update: Medivation reiterates that Sanofi's bid is "substantially inadequate."
    | Thu, May 5, 9:14 AM | 21 Comments
  • Tue, May 3, 6:34 PM
    • Medivation (NASDAQ:MDVN) +3.9% AH following a Reuters report that Pfizer (NYSE:PFE) has approached the company to express interest in an acquisition, raising the possibility of a bid rivaling Sanofi's (NYSE:SNY) $9.3B offer by Sanofi.
    • MDVN has not yet decided whether it should engage with PFE in negotiations and is in discussions with its financial and legal advisers, according to the report.
    • MDVN last week rejected SNY's $52.50/share takeover proposal, and PFE, Novartis (NYSE:NVS) and AstraZeneca (NYSE:AZN) have been speculated as potential suitors.
    | Tue, May 3, 6:34 PM | 5 Comments
  • Fri, Apr. 29, 3:09 PM
    • Also mentioned alongside AZN and PFE as weighing bids for Medivation (MDVN +2.3%) is Novartis (NYSE:NVS), according to the report.
    • Earlier today, Medivation rejected Sanofi's (SNY -4.6%) $9.3B, or $52.50 per share offer, with one of Bloomberg's sources saying the company is looking for at least $65 per share. Sanofi has the capacity to go higher, say sources, but is naturally reluctant to overpay.
    | Fri, Apr. 29, 3:09 PM | 9 Comments
  • Thu, Apr. 28, 11:37 AM
    • Credit Suisse claims Medivation (MDVN +8%) is worth $55 a share, ~5% above Sanofi's (SNY -1.1%) unsolicited bid of $52.50. It says much of the attention has focused on the prospects of prostate cancer drug XTANDI (enzalutamide), approved by the FDA in August 2012, which generated $1.15B in the U.S. last year as reported by development and commercialization partner Astellas Pharma (OTCPK:ALPMF)(OTCPK:ALPMY). What appears to be underrepresented is the value of the company's pipeline, led by late-stage PARP inhibitor talazoparib.
    • According to the analyst, other potential bidders include AstraZeneca (AZN -0.5%), Roche (OTCQX:RHHBY -0.5%) and Celgene (CELG +0.9%).
    • AstraZeneca reportedly has held internal talks about an offer. Medivation rejected Sanofi's first approach several weeks ago, so the bidding could turn hostile if the board rejects $52.50, a likely scenario.
    • Citi says Sanofi's offer is a bit light considering MDVN's 52-week high of $66.39, hit in June of last year. The board might reject the offer based purely on technical grounds.
    • Previously: Medivation +9% AH on reported Sanofi takeover effort (April 12)
    • Previously: Report: AstraZeneca held talks for Medivation bid (April 18)
    | Thu, Apr. 28, 11:37 AM | 7 Comments
  • Mon, Apr. 18, 1:58 AM
    • AstraZeneca (NYSE:AZN) held internal talks about a bid for cancer treatment maker Medivation (NASDAQ:MDVN) over the last six months, but has not yet made a formal offer, according to the Sunday Times. A deal could be worth more than $10B.
    • In March, Reuters reported that Medivation was working with JPMorgan to handle interest from other companies in a potential acquisition, and less than a week ago, the company was said to rebuff a takeover bid from French drugmaker Sanofi (NYSE:SNY).
    | Mon, Apr. 18, 1:58 AM | 1 Comment