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December 24, 2012
10:12 EDTMDVNMedivation falls after losing court decision over compound rights
Medivation (MDVN) is retreating after a California Superior Court rejected Medivation's contention that the University of California had violated its agreements with the company by licensing certain compounds to another drug company, Aragon. The court found that the licensing deal struck between Medivation and the University did not prohibit the school from granting rights to Aragon for compounds that were discovered prior to those licensed to Medivation. Aragon is using the compounds to develop a drug which could compete with Medivation's Xtandi, a prostate cancer treatment that has already been approved by the FDA. In a note to investors earlier today, however, research firm Jefferies wrote that Medivation would not be significantly hurt by the decision over the long term. Aragon's drug, ARN-509, isn't significantly different from Medivation's treatment and ARN-509 isn't likely to be approved for more than three years, the firm believes. Moreover, regulators may require Aragon to conduct a trial to determine if ARN-509 is more effective than Medivation's Xtandi, Jefferies wrote. Such a requirement would create another hurdle for Aragon, Jefferies believes. Medivation may appeal the court's decision, the firm added. The firm maintained a $62 price target and Buy rating on Medivation shares. In early trading, Medivation fell $1.46, or 2.81%, to $50.38.
News For MDVN From The Last 14 Days
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May 17, 2015
12:53 EDTMDVNMedivation, Astellas report enzalutamide study met primary endpoint
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May 15, 2015
07:35 EDTMDVNMedivation price target raised to $148 from $128 at Leerink
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May 14, 2015
07:07 EDTMDVNMedivation to present data in TNBC at ASCO
Medivation announced that the following abstract will be presented during an oral presentation at the 2015 American Society of Clinical Oncology, or ASCO, Annual Meeting on June 1, in Chicago: Results from a phase 2 study of enzalutamide, an androgen receptor, or AR, inhibitor, in advanced AR+ triple-negative breast cancer, or TNBC.

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