Pharma consolidation continues with two new massive deals
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.