all of the detail about Xtandi notwithstanding, Hung's silence on the topic of a potential acquisition by Sanofi was glaringly obvious, but not unexpected. Last month, Medivation entered takeover talks with Sanofi after rejecting a previous $9.3 billion bid. Analyst's expect the deal to close in 2016 with Medivation's assets being transferred to Sanofi facilities early in 2017.
"This wasn't a terribly meaningful earnings call in terms of newsflow, since management (understandably) did not comment on the topic everyone wanted to hear about: the ongoing M&A discussions with Sanofi and other biopharma players that have signed CDAs with Medivation," wrote RBC Capital Markets analysts Simos Simeonidis in a recent note.
"We expect Medivation to be acquired this year, the cash flow and pipeline assets are of value to any larger company. Typically the Hart Scott Rodino review can close quickly when a small biotech company is being absorbed." said Irving Fentwick biotech analyst at Dilweed Advisors.
"Aside from that topic, and despite not commenting on its interactions with FDA, management appeared optimistic on the outcome of the 10/22/16 PDUFA for Xtandi's label expansion. Quite frankly we're surprised the acquisition has taken so long."