Medivation's Road from Penny Stock to $9.3 Billion M&A Target
For Medivation Inc., it’s been a long road from an initial public offering two decades ago to getting an unsolicited $9.3 billion takeover offer from one of the world’s largest drug companies.
Medivation, which turned its first profit since 1999 just two years ago, spent years as a penny stock before its fortunes were transformed on the back of a single blockbuster pill for prostate cancer. On Thursday, Sanofi went public with its $9.3 billion bid for the company, which San Francisco-based Medivation has rebuffed.
Medivation, which turned its first profit since 1999 just two years ago, spent years as a penny stock before its fortunes were transformed on the back of a single blockbuster pill for prostate cancer. On Thursday, Sanofi went public with its $9.3 billion bid for the company, which San Francisco-based Medivation has rebuffed.