Medivation Inc has been working with investment bank JPMorgan Chase & Co to handle interest from other companies in a potential acquisition, but it has no plans to sell itself, according to people familiar with the matter.
The move is not uncommon in the healthcare industry. Biopharmaceutical companies such as Medivation are often approached by larger industry players. But acquisitions rarely happen without the target company cooperating.
Some of the approaches have taken place since the start of the year, the people said, without disclosing the names of the interested parties. The sources asked not to be identified because the matter is confidential.
Medivation did not immediately respond to a request for comment, while JPMorgan declined to comment.
Based in San Francisco, Medivation focuses on drugs for treating cancer. It has a market capitalization of $6.1 billion.
Sanofi SA, Roche Holding AG and AstraZeneca Plc are among the pharmaceutical companies that have expressed interest in acquiring drug makers in the United States.
Medivation has been under pressure from lawmakers, including Democratic Party presidential hopeful Bernie Sanders, a U.S. senator of Vermont, who criticized the high price of its only approved drug, Xtandi, which treats prostate cancer.
Beyond Xtandi, Medivation has a number of other potential cancer treatments in advanced stages of research and development.
The company’s stock has traded down more than 40 percent in the past year, in tandem with a broader selloff in the life sciences sector.
Earlier this week, Medivation hired Jennifer Jarrett as its new chief financial officer. She will replace Rick Bierly, who will retire in July.
By Carl O’Donnell and Greg Roumeliotis in New York
Five years ago, GSK made headlines when it hired Emma Walmsley to become the first woman to run a major pharmaceutical company. Now the Big Pharma has brought in another woman to control the company’s finances. Julie Brown will be GSK’s next chief financial officer. Brown, currently the chief operating and financial officer at fashion and beauty brand Burberry Group, is set to replace Iain Mackay.
Moderna created a new role responsible for “building out the company’s organization to support its growing pipeline.” Starting first thing 2023, Juan Andres, Moderna’s manufacturing head, will step into this new role under the title president of strategic partnerships and enterprise expansion, the company said Thursday.
The latest takeover is anticipated to boost the presence of Torrent in the dermatology segment. Indian company Torrent Pharmaceuticals has signed a definitive agreement for the complete acquisition of Curatio Healthcare for $245.16m (Rs20bn).