Deals
How Medivation Rose From Penny Stock to $9.3 Billion Deal Target
- U.S. company survived failure of experimental Alzheimer's drug
- Medivation's stable of cancer medicines lured France's Sanofi
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For Medivation Inc., it’s been a long road from an initial public offering two decades ago to getting an unsolicited $9.3 billion takeover offer from one of the world’s largest drug companies.
Medivation, which turned its first profit since 1999 just two years ago, spent years as a penny stock before its fortunes were transformed on the back of a single blockbuster pill for prostate cancer. On Thursday, Sanofi went public with its $9.3 billion bid for the company, which San Francisco-based Medivation has rebuffed.