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Valeant Pharmaceuticals ( VRX ) fell in late trade after Valeant said bondholders submitted a default notice, citing delays in the drugmaker’s annual report. Meanwhile, Medivation ( MDVN ) jumped late on a Bloomberg report , citing sources, that the drugmaker rejected a takeover overture from Sanofi ( SNY ). Valeant fell more than 6% in early after-hours action, pared losses to 4%. Shares closed up 2% at 31.99. Dow Jones, which initially reported the news, said Centerbridge Partners was a bondholder seeking the default notice. Valeant has until June 11 to file its 10-K annual report or be compelled to repay bonds early. Valeant has said it will file by April 29. Centerbridge, which holds some $250 million in Valeant debt, may be seeking concessions rather than a default. Meanwhile, Medivation jumped more than 9% after hours following a 1.1% gain to 45.73 at the close. Sanofi was little changed after hours. Sanofi hasn’t ruled out a hostile bid for Medivation, Bloomberg reported. Sanofi would like to expand its cancer drug portfolio. It was a wild day for some drugmakers. Horizon Pharmaceuticals ( HZNP ) dived 26%, close to its October lows. Horizon gave weak sales guidance . Meanwhile, Clovis ( CLVS ) fell 5.4% to 14.24 after tumbling intraday to 12.25. An FDA advisory panel overwhelmingly opposed early approval for Clovis’ lung cancer drug, saying the agency should await phase 3 data for rociletinib. The stock had fallen 17.7% on Friday and 4.5% on Monday after the panel’s documents were released Scalper1 News
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