Medivation Agrees to Sell to Pfizer for $14 Billion
San Francisco – August 23, 2016 – Cooley is advising biopharmaceutical company Medivation on its agreement to sell to Pfizer for approximately $14 billion. The transaction is expected to close in the third or fourth quarter. Prior to the announced agreement, Cooley also advised Medivation as the target of a hostile takeover bid by Sanofi.
Medivation's portfolio includes XTANDI® (enzalutamide), an androgen receptor inhibitor that blocks multiple steps in the androgen receptor signaling pathway within the tumor cell. XTANDI is the leading novel hormone therapy in the US, generating approximately $2.2 billion in worldwide net sales over the past year. In addition, Medivation has a promising, wholly-owned, late-stage oncology pipeline, which includes two development-stage oncology assets.
Medivation has been a Cooley client since 2008.
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