Andreas Halvorsen
bought 1,954,749 shares of Medication Inc. (
MDVN
) on August 8, according to
GuruFocus Real Time Picks
. The founder of hedge fund Viking Global Investors paid $97 per
share, on average. After the purchase, he owns 5.37% of the
company.
Medivation Inc. is a biopharmaceutical company that acquires
promising technologies in the late preclinical development phase
and develops them quickly and cost-effectively. Medivation Inc.
has a market cap of $3.53 billion; its shares were traded at
around $94.65 with and P/S ratio of 58.5.
Medivation had a stellar year, its stock price rising 509%. The
stock price more than doubled in November 2011 when the company
announced positive results from its planned interim analysis of a
Phase 3 AFFIRM trial of MDV3100, a treatment for men with
advanced prostate cancer previously treated with chemotherapy.
The treatment demonstrated a clinically significant improvement
in overall survival rate compared to placebo.
On July 24, the FDA granted Enzalutamide (formerly MDV3100)
priority review designation, which triggered a $10 million
milestone payment from its collaborator on the drug, Astrellas.
The drug could potentially be launched in the U.S. this year.
Medivation's revenues have been declining annually since 2009,
falling to $60.4 million in 2011. The company has yet to turn a
profit and has approximately $360 million in cash on its balance
sheet, with $222 in long-term liabilities and no debt.
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