Biotechnology companies Celgene Corp. and Gilead Sciences Inc. are considering bids for Medivation Inc., which would pitch them against suitors led by French drugmaker Sanofi, according to people familiar with the matter.
Celgene and Gilead are talking to advisers as they evaluate whether to pursue a bid for the cancer-therapy company, the people said, asking not to be identified because the deliberations are private. No formal sales process is under way yet and Celgene and Gilead could decide against moving ahead with an offer, the people said.
Medivation shares, which have traded higher than Sanofi’s $52.50-a-share offer since it was made public, declined 0.5 percent at $61.58 at 12:41 p.m. in New York, valuing the company at about $10.1 billion. Celgene rose 1.5 percent, while Gilead was little changed.