Sanofi, Medivation dig in for big biotech takeover battle

Medivation (MDVN) PT Raised to $63 at Credit Suisse on M&A Valuation

May 3, 2016 7:27 AM EDT

Credit Suisse analyst Kenneth MacKay raised his price target on Medivation (NASDAQ: MDVN) to $63.00 (from $49.00) as he moves to a M&A valuation. The firm maintained an Outperform rating.

MacKay continues to see Sanofi's $52.50/share offer as significantly undervaluing the pipeline and continue to... More

Stifel Raises Medivation Inc (MDVN) PT to $66 with Company In Play

May 2, 2016 7:19 AM EDT

Stifel analyst, Thomas Shrader, tries to sort through the buyout hype surrounding Medivation (NASDAQ: MDVN) in a note this morning. Recent news reports make it pretty clear Medivation is in play but like many biotechnology stories the value of the company is based on many assumptions. His takeaway is that a fair price would be $66 and possibly as high as $85... More

Sanofi (SNY) Issues Commentary on Medivation's (MDVN) Rejection of Takeover Proposal; Remains Committed to Combination

April 29, 2016 9:06 AM EDT

Sanofi (NYSE: SNY) commented on Medivation, Inc.'s (Nasdaq: MDVN) rejection of Sanofi's non-binding all-cash proposal to acquire Medivation for $52.50 per share:

Combining Sanofi and... More

Novartis (NVS) Announces Receipt of Positive EMA CHMP Opinion for Afinitor as Grade 1, 2 NET Treatment

April 29, 2016 8:38 AM EDT

Novartis (NYSE: NVS) announced that the Committee for Medicinal Products for Human Use (CHMP) of the European Medicines Agency (EMA) adopted a positive opinion for Afinitor (everolimus) tablets for the treatment of unresectable or metastatic, well-differentiated (Grade 1 or Grade 2) nonfunctional neuroendocrine tumors (NET) of gastrointestinal (GI) or lung origin in adults with progressive disease. If approved by the European Commission (EC), Afinitor would address an unmet need as there are currently few or no treatment options in Europe for patients with these diseases.

"This important milestone reinforces our long-standing commitment to the NET... More

AstraZeneca (AZN) Receives Positive EMA CHMP Opinion on Zavicefta as cIAI, cUTI, and HAP Treatment

April 29, 2016 7:53 AM EDT

On 28 April 2016 the Committee for Medicinal Products for Human Use (CHMP) adopted a positive opinion, recommending the granting of a marketing authorisation for the medicinal product Zavicefta, intended for the treatment of complicated intra-abdominal and urinary tract infections, hospital-acquired pneumonia and infections due to aerobic Gram-negative organisms where treatment options are limited. The applicant for this medicinal product is AstraZeneca AB (NYSE: AZN).

Zavicefta is a fixed dose combination of two active substances, ceftazidime and avibactam, and will be available as a powder for... More

AstraZeneca (AZN) Tops Q1 EPS by 2c; Offers FY16 Outlook

April 29, 2016 7:50 AM EDT

AstraZeneca (NYSE: AZN) reported Q1 EPS of $0.51, $0.02 better than the analyst estimate of $0.49. Revenue for the quarter came in at $6.12 billion versus the consensus estimate of $5.96 billion.

Pascal Soriot, Chief Executive Officer, commenting on the results... More