Sanofi (SNY) and Pfizer (PFE) Face Competition from German Bidder in Struggle for Medivation (MDVN) - Source

August 11, 2016 10:14 AM EDT

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Medivation's (Nasdaq: MDVN) competitive sale process is nearing its final stages, according to a source claiming to have knowledge of the matter. So far the San Francisco-based maker of XTANDI has received an offer from Pfizer (NYSE: PFE) and an improved offer from Sanofi (NYSE: SNY). The source also stated that a German drug company has entered the fray and plans to make a bid ahead of an upcoming deadline. The name of third bidder wasn't made known at this time.

The status of potential bids from Gilead (Nasdaq: GILD) and Celgene (Nasdaq: CELG), two companies mentioned as interested parties in previous media reports, wasn't discussed. Tomorrow is the deadline to submit an indication of interest.

Shares of Medivation last traded up 0.4% to $64.25.

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