AstraZeneca is considering making a move on US group Medivation in a deal that could be worth around $7 billion, according to media reports.
Citing unnamed sources from the City and Wall Street, The Sunday Times said the firm has been tracking Medivation for the last six months and has now held internal talks about a bid.
Medivation, which markets prostate cancer drug Xtandi (enzalutamide) in the US and Europe, has reportedly just spurned a hostile approach from French drugmaker Sanofi, which industry observer believe could still come back with a renewed offer. Other companies, such as Roche and Gilead, have also been named in reports as potential suitors.
Both AstraZeneca and Medivation have declined to comment, but the move does fit nicely with the Anglo-Swedish drugs giant recent acquisitions activity.
AZ has pulled a number of new therapies under its wings through a series of deals, including the $2.7-billion purchase of ZS Pharma and $4-billion buy of its majority stake in Acerta, not to mention a long line of licensing agreements, as it strives to diversify its pipeline.