Medivation
{{Short description|American biopharmaceutical company}}
{{Infobox company
| name = Medivation, Inc.
| logo = Medivation inc logo.jpg
| type = Public
| traded_as = {{NASDAQ was|MDVN}}
| industry = Pharmaceutical industry
| foundation = {{Start date and age|2004}}
| defunct = {{end date|2016}}
| key_people = David Hung & Steve Gorlin
| fate = Acquired by Pfizer
| location_city = San Francisco, California
| location_country = United States
| owner =
| homepage = {{URL|http://www.medivation.com|medivation.com}}
| footnotes = {{cite web|url=https://www.sec.gov/Archives/edgar/data/1011835/000156459016013460/0001564590-16-013460.txt|title=FORM 10-K}}{{cite web|url=https://www.sec.gov/Archives/edgar/data/1011835/000119312516734990/0001193125-16-734990.txt|title=Securities registration termination [Section 12(b)]}}
}}
Medivation, Inc. was an American biopharmaceutical company focused on development of novel therapies to treat serious diseases for which there are limited treatment options. Medivation was headquartered in San Francisco, California, beginning operations in December 2004 with the acquisition of Medivation Neurology, Inc.{{cite web|title=Investor relations|url=http://investors.medivation.com/faq.cfm|url-status=dead|archive-url=https://web.archive.org/web/20070703060906/http://investors.medivation.com/faq.cfm|archivedate=3 July 2007|access-date=17 November 2012|publisher=Medivation}} Its final CEO was David Hung.{{cite web|title=Management team|url=http://www.medivation.com/about_us/management-team|access-date=17 November 2012|publisher=Medivation}}
Medivation, in collaboration with Astellas, was in development of enzalutamide for multiple stages of prostate cancer and for breast cancer. On August 31, 2012, Medivation and Astellas announced that the U.S. Food and Drug Administration (FDA) granted approval to XTANDI (enzalutamide) capsules for the treatment of patients with metastatic castration-resistant prostate cancer who have previously received docetaxel. XTANDI is an oral, once-daily androgen receptor inhibitor.{{cite web |title=Law Offices of Howard G. Smith Announces Class Action Lawsuit Against Medivation, Inc. |url=http://www.businesswire.com/news/home/20100310005824/en/Law-Offices-Howard-G.-Smith-Announces-Class |publisher=Law Offices of Howard G. Smith |access-date=17 November 2012 |archive-url=https://web.archive.org/web/20140810030736/http://www.businesswire.com/news/home/20100310005824/en/Law-Offices-Howard-G.-Smith-Announces-Class |archive-date=10 August 2014 |date=2010-03-03 |url-status=dead }}
Pfizer announced it would acquire the company in August 2016 for $14 billion and completed the acquisition in October 2016.{{cite web |title=Pfizer Completes Acquisition of Medivation |url=https://finance.yahoo.com/news/pfizer-completes-acquisition-medivation-125000731.html |publisher=Yahoo! Finance |access-date=4 January 2017}}
Company history
Steve Gorlin{{Cite web|url=https://www.bizjournals.com/bizjournals/news/2014/06/28/nothing-ventured-something-gained.html|access-date=2020-10-23|df=dmy-all|website=www.bizjournals.com|title=Nothing ventured, something gained?}} and David Hung founded Medivation in 2003. After watching a 28-year-old breast cancer patient die during his oncology fellowship David Hung said he must do something about it.{{Cite news |url=https://www.wsj.com/articles/pfizer-to-buy-medivation-for-14-billion-1471864168 |title=Pfizer to Buy Medivation for $14 Billion |last=Rockoff |first=Jonathan D. |date=2016-08-23 |work=Wall Street Journal |access-date=2017-12-20 |language=en-US |issn=0099-9660}}
=2010 – Class action lawsuit=
On March 3, 2010, Medivation's stock dropped $27.15 per share to close at $13.10, a 67% one-day decline on volume of 45 million shares.{{cite web |title=The Brualdi Law Firm, P.C. Announces Class Action Lawsuit Against Medivation, Inc. |url=https://www.bloomberg.com/apps/news?pid=newsarchive&sid=aG1_eURjrZU4 |publisher=Bloomberg L.P. |accessdate=17 November 2012 |archiveurl=https://web.archive.org/web/20220606092508/http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aG1_eURjrZU4 |archivedate=6 June 2022 |location=New York |date=March 12, 2010 |url-status=dead }} In response, a security fraud class-action lawsuit was initiated by Izard Nobel LLP,{{cite web |title=Class action complaint for violation of the federal securities laws |url=http://www.izardnobel.com/admin/uploads/14335376004b96d4811a71a.pdf |publisher=Izard Nobel LLP |accessdate=17 November 2012 |author=Robbins Geller Rudman & Dowd |archiveurl=https://web.archive.org/web/20160303230413/http://www.izardnobel.com/admin/uploads/14335376004b96d4811a71a.pdf |archivedate=3 March 2016 |location=Northern District of California |date=March 9, 2010 |url-status=dead }} alleging that Medivation made false and misleading statements regarding the effectiveness of Dimebon as a treatment for Alzheimer's disease, before being revealed that it did not meet primary and secondary goals in a Phase 3 trial for patients with mild to moderate Alzheimer's disease.
The counsel for the case was Bernstein Liebhard and the lead plaintiffs were initially David Applestein{{cite web |title=Michael S. Bigin |url=http://www.bernlieb.com/Attorneys/Senior-Counsel/Michael-S-Bigin.html |publisher=Bernstein Liebhard LLP |accessdate=17 November 2012 |archiveurl=https://web.archive.org/web/20120424194804/http://www.bernlieb.com/Attorneys/Senior-Counsel/Michael-S-Bigin.html |archivedate=24 April 2012 |quote=[Michael S. Bigin] represents investors in Applestein v. Medivation, Inc., No. 10-CV-00998 (EMC) (N.D. Cal.), in which plaintiffs allege that defendants inflated the price of Medivation stock by making false statements concerning the efficacy of its chief drug’s treatment of Alzheimer’s disease. |url-status=dead }}{{cite web |title=U. SETH OTTENSOSER |url=http://www.bernlieb.com/Attorneys/partners/U-Seth-Ottensoser.html |publisher=Bernstein Liebhard LLP |accessdate=17 November 2012 |archive-url=https://web.archive.org/web/20130128082002/http://www.bernlieb.com/Attorneys/partners/U-Seth-Ottensoser.html |archivedate=28 January 2013 |quote=[U. Seth Ottensoser] represents investors in Applestein v. Medivation, Inc., No. 10-CV-00998 (EMC) (N.D. Cal.), in which plaintiffs allege that defendants inflated the price of Medivation stock by making false statements concerning the efficacy of its chief drug’s treatment of Alzheimer’s disease. |url-status=dead }} then Catoosa Fund, LP. On March 22, 2012, the case was dismissed with prejudice.{{cite web |title=Medivation, Inc. |url=http://securities.stanford.edu/1044/MDVN00_01/ |work=Securities class action clearinghouse |publisher=Stanford Law School |accessdate=17 November 2012 |archiveurl=https://web.archive.org/web/20131216200139/http://securities.stanford.edu/1044/MDVN00_01/ |archivedate=16 December 2013 |date=March 22, 2012|url-status=dead }} The plaintiffs appealed the dismissal in the Ninth Circuit Court of Appeals. The Ninth Circuit granted oral argument which was held on Friday, January 17, 2014.[http://cdn.ca9.uscourts.gov/datastore/calendaring/2013/11/13/nsf01_14rev.pdf Ninth Circuit. Court of Appeals] On March 7, 2014, the Ninth Circuit affirmed the dismissal of the class action, Catoosa Fund LP v. Medivation, Inc., No. 12-15960. The Ninth Circuit stated "With the exception of the tenuous and unattributed statement that Dr. Schneider relates secondhand, plaintiff has not pled any facts supporting an inference of actual knowledge by defendants. Plaintiff relies heavily on the inference that, due to their positions, the defendants must have known about the unmatched nature of the study. That inference is entirely speculative and does not rise to the required strong inference; plaintiff's allegation is not at least as compelling as any opposing inference one could draw from the facts alleged."{{cite web |url=http://www.ca9.uscourts.gov/memoranda/ |title=Unpublished Dispositions (Memoranda) |publisher=}}
=2016=
In April, the company was linked with a number of potential acquirers including Roche, AstraZeneca, Amgen and Gilead Sciences, and a possible hostile bid from Sanofi.{{cite web |url=http://www.fiercepharma.com/pharma/sanofi-could-go-hostile-medivation-bid |title=Sanofi could go hostile with Medivation bid |date=13 April 2016 |publisher=}} AstraZeneca was reported to weigh in with an offer of £7 billion ($10 billion).{{cite web |url=http://www.fiercepharma.com/pharma/astrazeneca-eyes-xtandi-windfall-potential-%C2%A37b-bid-for-medivation |title=AstraZeneca eyes Xtandi windfall with potential £7B bid for Medivation |publisher=}} On April 29, Sanofi launched a $9.3 billion takeover offer which was rejected by the Medivation board.{{cite web |url=https://www.wsj.com/articles/medivation-rejects-sanofis-9-3-billion-takeover-bid-1461937558 |title=Medivation Rejects Sanofi's $9.3 Billion Takeover Bid |author=Joshua Jamerson and Noemie Bisserbe |date=29 April 2016 |work=WSJ}}
Other suitors were Celgene and Genentech, which ultimately lost to Pfizer.{{Cite news|title=Medivation call for offers|newspaper=Reuters |date=29 July 2016 |url=https://www.reuters.com/article/idUSFWN1AF0WB}}
In August, Pfizer announced that it would acquire the company for $14 billion{{cite web |url=http://www.genengnews.com/gen-news-highlights/pfizer-to-acquire-medivation-for-14b/81253113/ |title=Pfizer to Acquire Medivation for $14B - GEN News Highlights - GEN |date=22 August 2016 |publisher=}} or $81.50 per share, a 21% premium over the closing price on August 19;{{cite news |url=https://www.bbc.co.uk/news/business-37150531 |title=Pfizer to buy cancer drug firm Medivation for $14bn |date=22 August 2016 |publisher=BBC News}} the acquisition was completed September 28, 2016.
Awards
Medivation CEO David Hung was the EY Entrepreneur of the Year 2014 National Winner.[http://investors.medivation.com/releasedetail.cfm?ReleaseID=883449 Medivation. "Medivation CEO David Hung Named National EY Entrepreneur Of The Year 2014 Overall Award Winner] Medivation.com. Medivation, 17 December 2014.
References
{{Reflist|2}}
External links
- {{Official website|https://www.medivation.com/}}
{{Authority control}}
Category:American companies established in 2004
Category:Companies formerly listed on the Nasdaq
Category:Companies based in San Francisco
Category:Technology companies based in the San Francisco Bay Area
Category:Biotechnology companies of the United States
Category:Biotechnology companies established in 2004
Category:2016 mergers and acquisitions
Category:Pharmaceutical companies
Category:Pharmaceutical companies established in 2004
Category:Defunct pharmaceutical companies of the United States