RBC Capital Positive on BioMarin Pharma (BMRN) Following Talazoparib Sale (MDVN)
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UBS Raises Price Target on Medivation (MDVN) Following Talazoparib Acquisition
August 25, 2015 9:20 AM EDTUBS 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
August 25, 2015 8:45 AM EDTStifel 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)
August 25, 2015 6:55 AM EDTWedbush 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
Medivation (MDVN), BioMarin (BMRN) Enter Asset Purchase Agreement Covering Talazoparib
August 24, 2015 7:01 AM EDTMedivation (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
