Medivation (MDVN) Cancelled Bus Tour Has Rumor Mill Buzzing

The rumor mill was buzzing again on Medivation (NASDAQ: MDVN) Wednesday after the company cancelled a Citi bus tour scheduled for next week. This has speculators believing a takeover deal could be close. The company has an active bid from Sanofi (NYSE: SNY) and a rumored bid from Pfizer (NYSE: PFE) on the table and has entered confidentially agreements with both.

However, traders may be getting ahead of themselves.

The company noted that with earnings on the 9th, they will be in their usual quiet period on the 5th, which was the day the bus tour is scheduled.

So while a deal is still thought to be close... it may not be imminent.

Shares of MDVN last traded up 0.5% to $62.95.

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