Market Overview

Medivation Ticks Up 3%, AstraZeneca Said To Be Also Interested In Acquisition


Shares of Medivation Inc (NASDAQ: MDVN) were trading higher by more than 3 percent early Monday following reports the company is being eyed as an acquisition target by more than one potential buyer.

Medivation has already received interest from Sanofi SA (ADR) (NYSE: SNY) and analysts suggested the stock could be worth $54 to $59 per share in terms of operational synergies and $60 to $75 per share with leveraged tax benefits.

Related Link: Medivation Surges On Reported Pushback Of Sanofi Takeover Effort

According to UK-based The Times, AstraZeneca plc (ADR) (NYSE: AZN) has been exploring an acquisition of Medivation for the past six months. The publication, citing "City [London's financial center] and Wall Street sources," added that while AstraZeneca hasn't made an official bid, management is "looking very closely."

AstraZeneca's stock showed no trades early Monday morning.


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Posted-In: Medivation Pharmaceutical M&A Sanofy The TimesM&A News Rumors