Look back at pharma news to August 26
By Barbara Obstoj-Cardwell. Editor
Bernstein analyst Tim Anderson and team wonder if Pfizer winning the bidding war for Medivation with its $14 billion offer ( announced last Monday) is “something to be proud of,” reported Barron’s magazine.
At first pass, paying $80+/share for a stock that was trading in the $30′s just a few months ago feels pricey. What Pfizer gains is Medivation’s cut of Xtandi, and a Phase III PARP inhibitor, talazoparib, that Medivation itself recently bought from BioMarin. Medivation's prostate cancer treatment Xtandi generates close to $2 billion in annual sales and is projected to earn $4.8 billion in annual sales by 2020.
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