AstraZeneca, Pfizer, Novartis Consider Medivation Offer

May 04, 2016

Bloomberg

According to a Bloomberg article, AstraZeneca and Pfizer are said to be considering a counteroffer for Medivation Inc., in response to Sanofi’s $9.3 billion offer for the company on April 29. Pfizer reportedly approached Medivation Inc. to express interest in an acquisition, Reuters reported.

Novartis AG is also exploring a bid, said people close to the matter. The companies are in talks with advisers about Medivation’s value and next steps, including possible bids, sources said. The meetings are at an early stage, and the companies may or may not make an offer, the Bloomberg article said.

Medivation rejected Sanofi’s $52.50 per share offer last week, and said it significantly undervalued the company. Read Bloomberg's full story