Replies to post #200553 on Biotech Values

[biomaven0]

>>MDVN up nearly 15% AH on renewed bid speculation.

See my tweet from a few days ago:

$MDVN my prediction for highest-probability takeover candidate. Royalty Pharma deal shows what drug is worth. https://t.co/a6sYl9cz7t

— Peter Suzman (@Biomaven) March 29, 2016

[DewDiligence]

SNY proposes to acquire MDVN @$52.50/sh in cash:

http://mediaroom.sanofi.com/sanofi-offers-to-acquire-medivation-for-52-50-per-share-in-cash-proposal-would-provide-immediate-and-certain-value-to-medivations-shareholders-combination-would-create-complementary-offerings-t/

MDVN acknowledged the offer, saying it’s not significantly different from SNY’s prior non-public offers (http://finance.yahoo.com/news/medivation-confirms-receipt-unsolicited-proposal-131215174.html ):

Consistent with its fiduciary duties, the Board, with the assistance of its independent financial and legal advisors, immediately began the process of evaluating this proposal. As today's public disclosure of this proposal does not differ materially from the private correspondence received less than two weeks ago, the Board expects to complete its review of the proposal at a scheduled meeting today and will provide an update promptly thereafter. There are no assurances that a transaction will be reached or on what terms. Medivation stockholders are advised to take no action at this time.

[DewDiligence]

MDVN moves closer to a deal with SNY (or another suitor):

http://finance.yahoo.com/news/medivation-enters-confidentiality-agreements-including-201500382.html

Medivation, Inc. today announced that it has entered into confidentiality agreements with a number of parties that have expressed interest in exploring a potential transaction and demonstrated that interest to the Board of Directors’ satisfaction [i.e. a sufficiently high starting price]. The [Sanofi] proposal, which was conditional upon the execution of a confidentiality agreement and the receipt of information, was for $58.00 per share in cash plus a Contingent Value Right for talazoparib sales representing a potential payment in 2022 of a maximum of $3.00 per share.