Updated on 5 May 2016
Based in San Francisco, Medivation is best known for its oncology drug Xtandi, which treats prostate cancer
Singapore: According to a recent report by IMS Health, the global market for cancer drugs hit $100 billion in annual sales in 2015 and could reach $148 billion by 2018. With cancer patients surviving longer, cancer medications have become the need of the hour compelling big pharma companies to build a lucrative oncology pipeline.
The figures clearly explain why major dugmakers like Sanofi, Pfizer are eyeing the US cancer drug maker Medivation. With increase in the incidences of cancer worldwide, there is a flood of oncology medications in the market and pharma biggies like Roche, Novartis, Bristol-Meyers Squibb are leading in the manufacturing of oncology combinations.
With oncology drugs reigning the global market and patent expiration of key cancer and oncology drugs such as Herceptin, Erbitux, Rituxan and Avastin, pharmaceutical companies are eyeing onco-acquisitions that will help these companies boost their oncologypipeline and help them cash-in on this opportunity.
After Medivation declined French drug giant Sanofi's last week, reports now suggest that, pharmaceutical giant Pfizer has approached Medivation expressing interest for acquisition. The deal, if finalized, will help Pfizer beef up its innovative oncology products list.
Based in San Francisco, Medivation is best known for its oncology drug Xtandi, which treats prostate cancer. The drug raked in $1.9 billion worldwide last year, and analysts expect it to eventually overtake first-to-market nemesis Zytiga from Johnson & Johnson. Medivation has also attracted attention for its experimental PARP inhibitor--the Phase III drug talazoparib, recently acquired from BioMarin ($BMRN) for $410 million upfront.