Scalper1 News
Less than a month after Pfizer ( PFE ) scrapped its $160 billion takeover of Allergan ( AGN ) over new anti-inversion rules, the drug giant is eyeing a possible bid for cancer biotech Medivation ( MDVN ), Reuters reported late Tuesday. Pfizer has approached Medivation for talks, according to Reuters. That could lead to an offer that would top a $9.3 billion bid for Medivation from France’s Sanofi ( SNY ). Medivation has rejected Sanofi’s $52.50-share bid as undervaluing the company, which is best known for prostate cancer drug Xtandi. Medivation shares have been trading well above that Sanofi offer price, closing down 0.8% to 57.52 on the stock market today. Medivation rose above 60 late Tuesday on the Pfizer report. Pfizer stock rose 2.7% to 33.70 during the regular session, breaking out of a consolidation, after the pharmaceutical king reported its best quarterly earnings per share gain in more than six years. Pfizer’s 32% EPS rise , better than expected, benefited from several one-time factors, including its recent Hospira takeover. Scalper1 News
Scalper1 News