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  • Tue, Nov. 29, 6:49 AM
    • Actelion (OTCPK:ALIOY) shares are down almost 6% in Zurich on reports that it is resisting Johnson & Johnson's (NYSE:JNJ) $17B offer for an outright sale. The aim of the complicated deal structure previously reported is to enable the company to remain independent while allowing J&J's U.S. group to retain a major equity stake.
    • Lurking in the background is Sanofi (NYSE:SNY) which could jump into the mix considering its widely-known interest in acquisitions since it plans to divest its generics business. Sanofi shares are up over 1% in Paris.
    | Tue, Nov. 29, 6:49 AM | 3 Comments
  • Wed, Oct. 5, 7:37 AM
    • Boehringer Ingelheim Vetmedica inks an agreement with Eli Lilly's (NYSE:LLY) Elanco U.S. unit to sell a portfolio of U.S. canine, feline and rabies vaccines, in addition to a fully integrated manufacturing and R&D site, to Elanco for $885M. The deal is contingent on antitrust approval and the closing of Boehringer's asset swap with Sanofi (NYSE:SNY) announced in June. The transaction should close in Q1 2017.
    | Wed, Oct. 5, 7:37 AM | 4 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
  • 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. 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
  • 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
  • Mon, Jun. 27, 6:55 AM
    • Sanofi (NYSE:SNY) inks a deal with privately held Boehringer Ingelheim (BI) to acquire BI's consumer health business in exchange for its animal health unit plus €4.7B, the difference in the enterprise value of the businesses. Sanofi expects the deal to be EPS neutral in 2017 and accretive thereafter. The transaction should close by year end.
    • It will integrate BI's consumer business in all countries except China. The combined unit generated ~€4.9B in worldwide sales in 2015. Key enhances are Pain Care, Allergy Solutions, Cough & Cold Care, Feminine Care, Digestive Health and Vitamins, Minerals and Supplements.
    • Sanofi CEO Olivier Brandicourt, M.D., says, "In signing these contracts, we are meeting one of the key strategic goals of our roadmap 2020, namely to become a leader in consumer healthcare and leading diversified global human healthcare company. This business swap will bring a complementary portfolio to our consumer healthcare activity with highly recognized brands, allowing for mid- and long-term value creation and enhancement of our market penetration in some major countries."
    • Sanofi will host a conference call this morning at 8:30 am ET to discuss the transaction.
    | Mon, Jun. 27, 6:55 AM | 7 Comments
  • Fri, Jun. 24, 8:25 AM
    • In a letter to stockholders sent yesterday, Medivation (NASDAQ:MDVN) uses a Ben Franklin-esque approach to refute each of would-be acquirer Sanofi's (NYSE:SNY) selling points supporting its $52.50-per-share bid, an offer Medivation says is woefully inadequate. Some highlights (Pro: Sanofi's view; Con: Medivation's view):
    • Pro: Sanofi's offer will deliver substantial value to stockholders. Con: Sanofi's offer attempts to seize value from stockholders. It cites the success of XTANDI (enzalutamide) which is on a $2.2B run rate and is one of the top ten cancer drugs worldwide based on revenue.
    • Pro: Sanofi's proposal represents a 50% premium. Con: Sanofi's bid was made public when MDVN was trading at a two-year low (shares closed yesterday at $59.26 as investors expect a revised higher bid).
    • Pro: Sanofi's offer compares favorably with historical oncology deals. Con: The median two-year forward revenue multiple of high growth biotech and oncology deals in the last five years is 10.4x, higher than Sanofi's 6.3x bid.
    • Pro: Medivation is exaggerating PARP inhibitor talazoparib's potential. Con: Medivation says talazoparib will be a blockbuster worth $14/share of incremental value.
    • Sanofi has already stated that it is open to making a higher bid. This appears to be a certainty if it wants to seal the deal.
    • Update: Proxy advisory firm Glass, Lewis & Co. recommends Medivation shareholders support the board by rejecting Sanofi's solicitation efforts.
    | Fri, Jun. 24, 8:25 AM | 7 Comments
  • Fri, Jun. 17, 8:52 AM
    • BioMarin Pharmaceutical (NASDAQ:BMRN) is ahead 5% premarket on increased volume on rumors that Sanofi (NYSE:SNY) may be mulling a takeover. BioMarin is still down almost 50% since last summer, but up almost 30% since bottoming at $62.12 on February 9.
    | Fri, Jun. 17, 8:52 AM | 3 Comments
  • Mon, Jun. 13, 9:53 AM
    • Sanofi (SNY +0.1%) announces that it has filed consent solicitation materials with the SEC seeking to replace each board member of takeover target Medivation (MDVN +0.1%) with its own candidates.
    • Sanofi says it is mailing a letter to MDVN shareholders along with the consent solicitation statement, including a WHITE consent card, providing them the ability to show support for the deal. The deadline for receiving the written consents is July 25, although Sanofi can extend the date at its discretion.
    • Medivation is resisting Sanofi's $52.50/share offer saying it undervalues the company.
    | Mon, Jun. 13, 9:53 AM | 4 Comments
  • Wed, Jun. 1, 7:31 PM
    • Sanofi (NYSE:SNY) today pressed its $9.3B hostile bid for Medivation (NASDAQ:MDVN) by asking for a record date for its board-replacing consent solicitation, and Medivation has responded rapidly with a deadline.
    • The company's board says it's set the close of business June 1 (today) as the record date, establishing which stockholders are able to participation in the solicitation of written consents. After SEC clearance, Medivation shareholders as of today will be able to submit consents or revocations.
    • Medivation has rejected Sanofi's "substantially inadequate and opportunistically timed" offer.
    • MDVN closed today up 1.1% to $61.14, vs. Sanofi's $52.50/share offer. MDVN is flat in after-hours trading.
    | Wed, Jun. 1, 7:31 PM | 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
  • Wed, May 25, 6:15 AM
    • Sanofi (NYSE:SNY) could name candidates to replace Medivation's (NASDAQ:MDVN) entire board as early as today, taking advantage of a 'written consent' rule that gives shareholders the ability to swap directors at any time.
    • Sanofi's threat follows Medivation's rejection of its unsolicited $9.3B acquisition offer last month. The latter has declined to engage in sale talks unless Sanofi raises its cash offer to $52.50 per share.
    • SNY +1.9%; MDVN +2.3% premarket
    • Update: Unsurprisingly, Medivation is urging shareholders to reject Sanofi's attempt to replace the board.
    • Update: On June 1, Sanofi announced that it submitted a written notice to Medivation's board requesting that it fix a record date to determine shareholders entitled to give their written consent to remove and replace each board member. The latest day the board can set the date is June 22. After this date, any board member can be replaced if consented to by a majority of shares. According to Medivation's bylaws, it is required to adopt a resolution fixing the record date within 10 calendar days after receiving the request. The record date, in turn, must be set no more than 10 days after the date of adopting the resolution.
    | Wed, May 25, 6:15 AM | 7 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