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Max Nisen

Medivation Overplays a Risky Hand

It may struggle to get buyers to pay up for its new cancer drug.

After months of playing defense against Sanofi's aggressive takeover pursuit, cancer drugmaker Medivation is now rolling out an ambitious offense.

In what seemed to be an attempt to spark a bidding war Wednesday evening, Medivation held a long call with analysts and investors about its developmental cancer drug talazoparib. Promising Phase 3 trial results for a similar drug more than doubled shares of competing biotech Tesaro last week. That gave Medivation CEO David Hung some leverage to try to pump up the value of Medivation's drug, and he's clearly trying to take the fullest advantage of it.