Medivation to Expand Global Oncology Franchise With the Acquisition of All Worldwide Rights to Talazoparib (BMN 673), a Potent PARP Inhibitor, From BioMarin

UBS Raises Price Target on Medivation (MDVN) Following Talazoparib Acquisition

UBS reiterated a Buy rating on Medivation (NASDAQ: MDVN), and raised the price target to $148.00 (from $145.00), following the company's acquisition of WW rights to Biomarin's talazoparib. Talazoparib is an oral PARP inhibitor. Analyst Matthew Roden said that the acquisition diversifies the revenue stream and adds... More

Stifel Reiterates Buy on Medivation (MDVN) Following Talazoparib Acquisition

Stifel reiterated a Buy rating and $114.00 price target on Medivation (NASDAQ: MDVN) following the acquisition of all rights to Talazoparib from BioMarin. Talazoparib is PARP inhibitor in Phase III testing for the treatment of breast cancer patients with deleterious germline BRCA 1 or BRCA 2... More

Wedbush Cuts Price Target on BioMarin Pharma (BMRN) Following Announced Sale of Talazoparib to Medivation (MDVN)

Wedbush maintained a Neutral rating on BioMarin Pharmaceutical Inc. (NASDAQ: BMRN), and cuts the price target to $131.00 (from $139.00), following the announced sale of talazoparib to Medivation (MDVN-OUTPERFORM) for a total of $570MM. BioMarin expects to receive $410MM upfront, up to $160MM in milestone payments and mid-single digit royalties on sales of talazoparib.

Analyst Liana Moussatos commented,... More

RBC Capital Positive on BioMarin Pharma (BMRN) Following Talazoparib Sale (MDVN)

RBC Capital affirms BioMarin Pharmaceutical Inc. (Nasdaq: BMRN) with an Outperform rating and $145 price target after the company announced that it and Medivation (Nasdaq: MDVN) entered into an asset purchase agreement under which Medivation will acquire all worldwide rights to talazoparib (formerly referred to as BMN 673), a highly-potent, orally-available poly ADP ribose polymerase (PARP) inhibitor currently in a Phase 3 study for the treatment of... More

Medivation (MDVN), BioMarin (BMRN) Enter Asset Purchase Agreement Covering Talazoparib

Medivation (NASDAQ: MDVN) and BioMarin Pharmaceutical Inc. (Nasdaq: BMRN) announced that they have entered into an asset purchase agreement under which Medivation will acquire all worldwide rights to talazoparib (formerly referred to as BMN 673), a highly-potent, orally-available poly ADP ribose polymerase (PARP) inhibitor currently in a Phase 3 study for the treatment of patients with deleterious germline BRCA 1 or BRCA 2 mutations and locally advanced and/or metastatic breast cancer. Under the agreement, Medivation will be responsible for all research, development, regulatory and commercialization activities for all indications on a global... More