Celgene, Gilead Added to Medivation Suitor List

May 25, 2016

Biotech companies Celgene Corp. and Gilead Sciences Inc. could be considering bids for Medivation Inc., in addition to Sanofi, according to a Bloomberg article. As reported last month, Sanofi remains the most serious bidder, with their unsolicited, $9.3 billion takeover offer made in April.

Celgene and Gilead are rumored to be talking to advisers as they evaluate pursuing a bid for the cancer-therapy company, the article said. No formal sales process is underway yet, and Celgene and Gilead could decide not to make an offer.

Sanofi said on Wednesday that it is seeking to remove Medivation’s entire board and replace it with candidates who are “willing to fully and fairly evaluate all of Medivation’s strategic options, including Sanofi’s acquisition offer.”

Read the full Bloomberg story