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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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September 11, 2014
07:50 EDTMDVNPotential of Medivation Xtandi underappreciated, says Bernstein
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07:37 EDTMDVNMedivation to host conference call
Conference call to discuss FDA approval of XTANDIŽ to be held on September 11 at 8:30 am. Webcast Link
07:11 EDTMDVNMedivation price target raised to $112 from $89 at Stifel
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September 10, 2014
16:41 EDTMDVNMedivation to resume trading at 4:50 pm ET
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16:26 EDTMDVNMedivation receives $90M milestone payment after FDA approves XTANDI indication
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15:16 EDTMDVNMedivation Xtandi efficacy supplement posted to FDA website
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14:48 EDTMDVNMedivation trading halted, pending news
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September 9, 2014
10:10 EDTMDVNOn the Fly: Analyst Upgrade Summary
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08:42 EDTMDVNMedivation upgraded at Bernstein
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06:43 EDTMDVNMedivation upgraded to Outperform from Market Perform at Bernstein
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