Medivation (MDVN) Decline Tied to J&J (JNJ) / Aragon Deal
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Shares of Medivation (Nasdaq: MDVN) declined on Monday. The fall is tied to news Johnson & Johnson (NYSE: JNJ) signed a definitive agreement to acquire Aragon Pharmaceuticals, Inc., a privately-held, pharmaceutical discovery and development company focused on drugs to treat hormonally-driven cancers.
The acquisition includes Aragon's androgen receptor antagonist program. Aragon's lead product candidate is a second generation androgen receptor signaling inhibitor, ARN-509, in Phase 2 development for castration resistant prostate cancer (CRPC).
Investors could see increased competition for Medivation's prostate cancer drug, Xtandi.
The acquisition includes Aragon's androgen receptor antagonist program. Aragon's lead product candidate is a second generation androgen receptor signaling inhibitor, ARN-509, in Phase 2 development for castration resistant prostate cancer (CRPC).
Investors could see increased competition for Medivation's prostate cancer drug, Xtandi.
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