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Medivation Drops 12% After Congress Asks To Examine Xtandi Drug Price

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Medivation Drops 12% After Congress Asks To Examine Xtandi Drug Price

Shares of Medivation Inc (NASDAQ: MDVN) were trading lower by more than 6 percent heading into Tuesday's market open as the company's drug pricing have come under scrutiny by the U.S. Congress.

According to ABC News, a group of U.S. lawmakers initiated a campaign to potentially lower the price of Medivation's prostate cancer drug.

Related Link: Medivaiton Offers Pivotal Phase III Trial Of Enzalutamide

Reps. Lloyd Dogget and Peter Welch, along with Senator Bernie Sanders are calling on the Department of Health and Human Services and the National Institutes of Health to cut prices for Medivation's drug, Xtandi.

The lawmakers are arguing that the price of Xtandi is 4 times larger in the U.S. compared to the rest of the world.

At time of writing, Medivation was down 12.28 percent at $36.18.

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