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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.
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October 23, 2014
17:13 EDTMDVNMedivation licenses clinical stage anti-PD-1 modulatory monoclonal antibody
Medivation announced Medivation has licensed exclusive worldwide rights to CureTech's late-stage clinical molecule pidilizumab, an immune modulatory anti-PD-1 monoclonal antibody. Under the license agreement, Medivation will be responsible for all development, regulatory and commercialization activities for pidilizumab for all indications, including oncology. Under the terms of the license agreement, and depending on whether the guaranty from CBI is obtained, CureTech would receive an upfront payment of up to $5M from Medivation and would also be entitled to payments upon the attainment of certain development and regulatory milestones totaling $85M. In addition, CureTech would be eligible to receive sales based milestone payments totaling up to $245M, upon the achievement of certain annual worldwide net sales thresholds, and tiered royalties ranging from 4%-11% based on annual worldwide net sales.

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