MDVN
Medivation, Inc.NASDAQ
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  • Mon, Aug. 22, 4:27 PM
    • Nano cap Tokai Pharmaceuticals (NASDAQ:TKAI) hits the skids again with lead product candidate galeterone. Today, the company disclosed that it has terminated enrollment in its Phase 2 expansion clinical trial, ARMOR2, assessing galeterone in patients with metastatic castration-resistant prostate cancer (mCRPC) who have become resistant to Medivation's (NASDAQ:MDVN) Xtandi (enzalutamide).
    • It has also decided not to proceed with its planned study of galeterone in mCRPC patients who rapidly progress on either Xtandi or Janssen's (NYSE:JNJ) Zytiga (abiraterone acetate).
    • A month ago, shares crumbled when the company announced that it terminated its Phase 3 ARMOR3-SV study of galeterone in treatment-naive mCRPC patients who tumors express the splice variant AR-V7 after the independent Data Monitoring Committee determined that the trial was unlikely to meet its efficacy endpoint.
    • The company says it is continuing its analysis of the ARMOR3-SV data and is assessing its options with the galeterone program.
    • Shares are down 23% after hours on robust volume.
    | Mon, Aug. 22, 4:27 PM | 15 Comments
  • Mon, Aug. 22, 12:44 PM
    | Mon, Aug. 22, 12:44 PM
  • Mon, Aug. 22, 11:02 AM
    | Mon, Aug. 22, 11:02 AM | 1 Comment
  • Mon, Aug. 22, 9:12 AM
    | Mon, Aug. 22, 9:12 AM | 1 Comment
  • Mon, Aug. 22, 7:02 AM
    • Medivation (NASDAQ:MDVN) is up 19% premarket on the news that Pfizer (NYSE:PFE) will acquire it for $81.50 a share (~14B). The deal should close by Q4. Pfizer will host a conference call this morning at 9:00 am ET to discuss the transaction.
    | Mon, Aug. 22, 7:02 AM | 33 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
  • Tue, Aug. 9, 4:40 PM
    • Medivation (NASDAQ:MDVN): Q2 EPS of $0.29 beats by $0.02.
    • Revenue of $206.2M (+17.4% Y/Y) misses by $6.54M.
    • Press Release
    | Tue, Aug. 9, 4:40 PM
  • Mon, Aug. 8, 5:35 PM
  • Fri, Jul. 29, 10:03 AM
    • Medivation (MDVN +1.3%) has asked for indications of interest by mid-August, CNBC's David Faber says, with a number of pursuers in the mix.
    • Earlier this month, Medivation entered confidentiality agreements with potential suitors, including a hostile bid from Sanofi (SNY -1.5%).
    • Sanofi continues to hold interest in an acquisition, along with Pfizer (PFE +0.2%), Gilead Sciences (GILD -1.1%) and Celgene (CELG -0.4%).
    | Fri, Jul. 29, 10:03 AM | 18 Comments
  • Tue, Jul. 26, 8:43 AM
    • Thinly traded micro cap Tokai Pharmaceuticals (NASDAQ:TKAI) craters 70% premarket on higher-than-normal volume in response to its announcement that it will stop its Phase 3 clinical trial, ARMOR3-SV, assessing lead product candidate galeterone compared to enzalutamide (XTANDI) in treatment-naive men with metastatic castration-resistant prostate cancer (mCRPC) whose tumors express the androgen receptor splice variant AR-V7. The company made its decision based on the recommendation from the independent Data Monitoring Committee that the trial was unlikely to meet its primary efficacy endpoint.
    • Tokai intends to evaluate its ongoing ARMOR2 expansion in mCRPC patients with acquired resistance to enzalutamide and its planned study in patients who rapidly progress on either enzalutamide or abiraterone acetate (ZYTIGA).
    • Galeterone is an orally available small molecule that disrupts the androgen receptor (NYSE:AR) signaling pathway by degrading AR, blocking the binding of testosterone or dihydrotestosterone with AR and inhibiting CYP17, an enzyme that plays a key role in the synthesis of testosterone. Prostate cancer is stoked by androgens acting through the androgen receptor.
    • Related tickers: (NASDAQ:MDVN)(OTCPK:ALPMF)(OTCPK:ALPMY)(NYSE:JNJ)
    | Tue, Jul. 26, 8:43 AM
  • Tue, Jul. 19, 10:50 AM
    • Prompted by moderating growth from traditional drug sales, large cap drug/biotech firms have their sights set on developers of cancer therapies, in particular immunotherapies, to boost both their top and bottom lines. Roche (OTCQX:RHHBY -1.5%), Amgen (AMGN +0.1%), Sanofi (SNY -1.3%) and Gilead Sciences (GILD -1.2%) are all actively on the prowl for acquisitions.
    • Medivation (MDVN +0.1%), with its prostate cancer drug Xtandi (enzalutamide), is currently in play. Sanofi has been the most aggressive with two unsuccessful bids, but Pfizer (PFE) and Celgene (CELG -0.6%) are supposedly interested.
    • Analysts say Incyte (INCY -0.4%), with polycythemia vera and myelofibrosis drug Jakafi (ruxolitinib), and Seattle Genetics (SGEN -0.8%), with lymphoma drug Adcetris (brentuximab vedotin), are the most attractive takeover targets.
    • Recent transactions include AbbVie's (ABBV -0.3%) buyout of Stemcentryx, Jazz Pharmaceuticals' (JAZZ -0.8%) takeout of Celator Pharmaceuticals and Bristol-Myers Squibb's (BMY -0.2%) acquisition of Cormorant Pharmaceuticals.
    | Tue, Jul. 19, 10:50 AM | 8 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
  • Fri, Jul. 8, 5:36 PM
    • Top gainers, as of 5.25 p.m.: EBIO +4.1%. GNW +2.0%. MDVN +1.5%. AAV +1.3%. PGLC +1.0%.
    • Top losers, as of 5.25p.m.: HLT -8.9%. HDB -7.7%. PBR -6.6%. EPR -4.2%. AU -4.2%.
    | Fri, Jul. 8, 5:36 PM | 5 Comments
  • Tue, Jul. 5, 5:22 PM
    • Medivation (NASDAQ:MDVN) says it has entered into confidentiality agreements Sanofi (NYSE:SNY) and several parties that have expressed interest in exploring a potential transaction, and rejects a new takeover offer from SNY that valued it at $58/share, plus a contingent value right valued at a maximum $3/share.
    • As part of negotiations, SNY agrees to drop efforts to have MDVN shareholders replace the board, after it had sought to oust the board after previous takeover offers had been rejected.
    • SNY has been in pursuit of MDVN in an attempt to strengthen its new products portfolio and build a competitive position.
    • Pfizer (NYSE:PFE) also has been interested in acquiring MDVN, according to reports, but today's release did not list other potential suitors beyond SNY.
    | Tue, Jul. 5, 5:22 PM | 11 Comments
  • Tue, Jul. 5, 4:31 PM
    • Medivation (NASDAQ:MDVN) appears to be moving ahead with a lineup of potential acquirers, including Sanofi. The company has entered into confidentiality agreements with certain parties that have demonstrated interest in a potential transaction and have satisfied the board with the seriousness of that interest.
    • Sanofi is still in the mix despite Medivation's rejection of a sweetened offer: $58 per share in cash and a Contingent Value Right (CVR) for talazoparib sales that could be worth up to $3 a share. Its first bid was $52.50 a share.
    • The confidentiality agreements include customary six-month standstill provisions, subject to limited early termination events as reported by StreetInsider.
    | Tue, Jul. 5, 4:31 PM | 13 Comments