Pfizer Interested in Buying Medivation
Shares of Medivation Inc (NASDAQ:MDVN) have gained 1.55% today after a report from Reuters claimed that the company has been approached by Pfizer Inc. (NYSE:PFE) concerning a possible acquisition. On Friday, Medivation rejected Sanofi SA (ADR) (NYSE:SNY)’s bid of $9.3 billion for the company. A source told Reuters that Medivation is consulting its legal and financial advisers in light of Pfizer’s interest in the company. Sanofi meanwhile is said to have no plans to make a new bid and is waiting for Medivation to launch an auction. Pfizer Inc. (NYSE:PFE)’s interest in Medivation comes weeks after the company called off its $160 billion acquisition of Allergan PLC (NYSE:AGN) due to new U.S. Treasury tax rules which eliminated the benefits of the company’s planned inversion deal. Shares of Pfizer are 0.56% in the red today.
Pfizer ranked among the most popular stocks in our database, with 109 funds in our system holding around $8.6 billion worth of the company’s shares at the end of last year. Meanwhile, a total of 34 investors tracked by Insider Monkey held long positions in Medivation Inc (NASDAQ:MDVN) at the end of the last year, with the total value of their investments valued at approximately $138.8 million.