Now that Amylin and Human Genome Sciences have dickered their way to a buyout deal, you can expect to see plenty of more rumors and insider stories about the next biotech companies likely to get an offer. Last week BioMarin jumped to the top of the list, with GSK ($GSK) once again figuring in as a possible bidder in a $7 billion-or-so deal for the rare disease outfit. And today Bloomberg, always ready to feature buzz about a potential M&A deal, puts Medivation ($MDVN) up on the auction block.
Medivation, you may recall, had to undergo some intense humiliation two years ago when its closely-watched Alzheimer's drug Dimebon flat-lined in late-stage studies. But that's all been forgiven and largely forgotten by investors, who have been thrilled to see positive proof-of-concept data for the biotech's prostate cancer therapy MDV-3100, now dubbed Enzalutamide. The drug could compete with Zytiga and continues to overshadow the fortunes of Dendreon's ($DNDN) Provenge.
"It's going to be probably the biggest prostate cancer drug ever," Wedbush's David Nierengarten enthuses to Bloomberg. "That's something that's worth quite a bit. They're almost approved, so Medivation is certainly a candidate for an acquisition. You're talking about a lot of potential revenue here."
Potential buyers? The business news service speculates that Astellas, its partner, could make the numbers work. And so could AbbVie, the new pharma spinout coming from Abbott Labs ($ABT), which has been wheeling and dealing in the months ahead of the corporate split.
A spokesperson for Medivation, which is helmed by David Hung, says that the best way to maximize shareholder value is to remain a standalone company. That said, the CEO is a consummate dealmaker. One last big buyout deal could prove appealing.
- here's the story from Bloomberg
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