AbbVie, Sanofi Throw Billions at Stemcentrx, Medivation

Home/Financial/AbbVie, Sanofi Throw Billions at Stemcentrx, Medivation

AbbVie, Sanofi Throw Billions at Stemcentrx, Medivation

Ben Fidler of Xconomy gives details about how “two of the world’s biggest pharma companies took out their wallets and threw billions of dollars at two biotechs from the San Francisco Bay Area.”

First, Sanofi for Medivation:

“Sanofi, the French pharma giant, went public with a hostile $9.3 billion cash bid for cancer drugmaker Medivation (NASDAQ: MDVN), a deal that values the San Francisco biotech at $52.50 per share. Medivation, which sells the prostate cancer drug enzalutamide (Xtandi), has already rebuked the offer. Sanofi has now publicly revealed a letter from CEO Olivier Brandicourt to Medivation CEO David Hung outlining their discussions, and Hung’s insistence that Medivation “has no interest in discussing a transaction.” Full article

Additional coverage:

Second, AbbVie for Stemcentrx:

“Down in South San Francisco, meanwhile, AbbVie (NYSE: ABBV), the pharma giant best known for autoimmune disease blockbuster adalimumab (Humira), went the friendly route to buy privately held stem cell drugmaker Stemcentrx in a deal worth $5.8 billion up front and possibly $9.8 billion when all is said and done. AbbVie will pay $2 billion in cash and $3.8 billion in stock initially, and Stemcentrx’s investors—which include Artis Ventures and Peter Thiel’s Founders Fund—stand to receive another $4 billion down the line if Stemcentrx’s drugs progress.” Full article

Additional coverage:

April 28th, 2016|

Leave A Comment

X