Medivation

Medivation, Inc.
Public
Traded as NASDAQ: MDVN
Industry Pharmaceutical industry
Founded 2004
Headquarters San Francisco, California, United States
Website medivation.com

Medivation is an American biopharmaceutical company focused on rapid development of novel therapies to treat serious diseases for which there are limited treatment options. Medivation, in collaboration with Astellas, is currently developing 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.[1] Medivation is headquartered in San Francisco, California, and it began operations in December 2004 with the acquisition of Medivation Neurology, Inc.[2] The current CEO is David Hung.[3]

Company history

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.[4] In response, a security fraud class-action lawsuit was initiatied by Izard Nobel LLP,[5] 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.[4]

The counsel for the case was Bernstein Liebhard and the lead plaintiffs were initially David Applestein[6][7] then Catoosa Fund, LP. On March 22, 2012, the case was dismissed with prejudice.[8] The plaintiffs appealed the dismissal in the Ninth Circuit Court of Appeals. The Ninth Circuit granted oral argument which will be held on Friday, January 17, 2014.[9] 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."[10]

2016

In April the company was linked with a number of potential acquirers potentially a hostile bid from Sanofi as well as links with Roche, AstraZeneca , Amgen and Gilead Sciences.[11] AstraZeneca has been reported to weigh-in wth an offer of £7 billion ($10 billion).[12] On April 29, Sanofi launched a $9.3 billion takeover offer which was rejected by the Medivation board.[13]

Awards

EY Entrepreneur of the Year 2014 National Winner [14]

External links

References

  1. ↑ "Law Offices of Howard G. Smith Announces Class Action Lawsuit Against Medivation, Inc.". Law Offices of Howard G. Smith. 2010-03-03. Archived from the original on 17 November 2012. Retrieved 17 November 2012.
  2. ↑ "Investor relations". Medivation. Archived from the original on 17 November 2012. Retrieved 17 November 2012.
  3. ↑ "Management team". Medivation. Retrieved 17 November 2012.
  4. 1 2 "The Brualdi Law Firm, P.C. Announces Class Action Lawsuit Against Medivation, Inc.". New York: Bloomberg L.P. March 12, 2010. Archived from the original on 17 November 2012. Retrieved 17 November 2012.
  5. ↑ Robbins Geller Rudman & Dowd (March 9, 2010). "Class action complaint for violation of the federal securities laws". Northern District of California: Izard Nobel LLP. Archived from the original (PDF) on 17 November 2012. Retrieved 17 November 2012.
  6. ↑ "Michael S. Bigin". Bernstein Liebhard LLP. Archived from the original on 17 November 2012. Retrieved 17 November 2012. [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.
  7. ↑ "U. SETH OTTENSOSER". Bernstein Liebhard LLP. Archived from the original on 17 November 2012. Retrieved 17 November 2012. [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.
  8. ↑ "Medivation, Inc.". Securities class action clearinghouse. Stanford Law School. March 22, 2012. Archived from the original on 17 November 2012. Retrieved 17 November 2012.
  9. ↑ http://cdn.ca9.uscourts.gov/datastore/calendaring/2013/11/13/nsf01_14rev.pdf
  10. ↑ "Unpublished Dispositions (Memoranda)".
  11. ↑ "Sanofi could go hostile with Medivation bid".
  12. ↑ "AstraZeneca eyes Xtandi windfall with potential £7B bid for Medivation".
  13. ↑ Joshua Jamerson and Noemie Bisserbe (29 April 2016). "Medivation Rejects Sanofi’s $9.3 Billion Takeover Bid". WSJ.
  14. ↑ Medivation. "Medivation CEO David Hung Named National EY Entrepreneur Of The Year 2014 Overall Award Winner." Medivation.com. Medivation, 17 Dec. 2014. Web. <http://investors.medivation.com/releasedetail.cfm?ReleaseID=883449>.


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