Reports: Medivation Has No Plans To Sell Itself

Medivation Inc MDVN shares were trading sharply higher in Wednesday's after-hours session amid word of a new report from Bloomberg, saying the company is working with bankers to defend itself against preliminary interest of a takeover.

Earlier this week, Citi analyst Yigal Nochomovitz named Medivation one of the most likely buyout targets over the next 18 months.

Medivation Reportedly Has No Plans To Sell

Following the initial after-hours story on Wednesday, Reuters separately reported the company is working with JPMorgan to handle interest from other companies, but said Medivation has no interest in selling itself. "Biopharmaceutical companies such as Medivation are often approached by larger players," the outlet said, adding, "but acquisitions rarely happen without the target company co-operating."

CNBC's Meg Tirrell tweeted, "Can confirm $MDVN has hired advisors, but NOT with plans to sell itself."

Despite these reports, Medivation shares remained up about 14 percent by 6:00 p.m. ET.

History Of Chatter

Takeover chatter has surrounded Medivation of late.

On March 7, Betaville's Ben Harrington reported the company was being approached by potential buyers.

Two weeks later, shares responded to another takeover rumor, but analysts were quick to shoot down the idea that now is a more attractive time for the company to participate in an outright sale.

Medivation shares responded to reports of the Bloomberg analysis, hitting a high near $42.90 before stabilizing near the $42.50 level.