New User:

-or-
Username:
Password:
Forgot your password?

Stock Market & Financial Investment News

News Breaks
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
Sign up for a free trial to see the rest of the stories you've been missing.
November 25, 2014
16:13 EDTMDVNMedivation to names Joseph Lobacki as Chief Commercial Officer
Subscribe for More Information
November 21, 2014
08:18 EDTMDVNMedivation management to meet with Deutsche Bank
Subscribe for More Information
November 20, 2014
08:14 EDTMDVNMedivation management to meet with UBS
Subscribe for More Information
November 19, 2014
07:09 EDTMDVNJefferies to hold a conference
2014 Global London Healthcare Conference is being held in London, England on November 19-20.

Sign up for a free trial to see the rest of the stories you've been missing.

I agree to the theflyonthewall.com disclaimer & terms of use