Drug giants enter bidding war for cancer drugmaker Medivation

Kenilworth, N.J.-based Merck joins at least four other rival drug giants who've expressed interest in acquiring Medivation, an up-and-coming competitor in the cancer drug market, according to Reuters.

Paris-based Sanofi, New York-based Pfizer, Summit, N.J.-based Celgene and Foster City, Calif.-based Gilead Sciences have also put their hats in the race to buy the cancer drugmaker.

Their strong interest in Medivation highlights the growing demand for new cancer treatments and drugmakers' efforts to enter the lucrative market that could produce billions of dollars in revenue.

Medivation, best known for its prostate cancer drug Xtandi, already turned down two acquisition offers from Sanofi.

San Francisco-based Medivation plans to hold further conversations with the interested companies, asking them to firm up their offers before making any decisions.

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