Pharma consolidation continues with two new massive deals

Billy Bambrough
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In March it was revealed that Medivation had hired bankers to defend itself against a potential takeover bid (Source: Getty)

The latest round of consolidation in the pharmaceutical industry has seen a combined £24bn worth of potential deals.

French phara giant Sanofi yesterday made a play for cancer therapy drug specialist Medivation with an unsolicited bid worth $9.3bn (£6.4bn).

Sanofi has sent a letter to the head of Medivation offering to buy the company after Medivation chief executive David Hung, told Sanofi earlier this month that his company was not interested in a deal.

Meanwhile, US drug maker Abbott Laboratories is looking to pump up its cardiovascular device business after agreeing to buy St Jude Medical for $25bn.

Abbott will take on £3.9bn of St Jude’s debt though it predicts savings of around £340m over the next four years.

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