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Morning Read: Medivation opens books to Sanofi as bidding war develops

Plus, Bristol-Myers Squibb acquires Comorant Pharmaceuticals, Google’s DeepMind gets access to eye scans at British hospital and a court rules that biosimilar makers must notify patent-holders six months before launching competitive products.



Medivation is fast becoming the target of a bidding war.

On Tuesday, the San Francisco-based oncology drug-maker agreed to open its books to Sanofi, two and a half months after Medivation rejected a $9.3 billion offer from the French pharma giant. Medivation already had signed confidentiality deals with Pfizer and Celgene. Medivation also said that rejected a sweetened offer of about $10 billion from Sanofi. — ReutersBusiness Insider

There appear to be a number of potential buyers for Medivation. But with the Sanofi agreement, Sanofi no longer will be seeking to oust Medivation’s board next month.— Silicon Valley Business Journal, TheStreet


Bristol-Myers Squibb has acquired Sweden-based Comorant Pharmaceuticals, which is developing treatments for cancer and rare diseases. The deal could be worth as much as $520 million. — Business Wire

Abbott Vascular won FDA approval for its fully dissolving heart stent and immediately announced that the device would be implanted in a patient at HonorHealth Scottsdale Shea Medical Center in Arizona on Wednesday. — PR Newswire

SynCardia Systems, the artificial heart maker once on the verge of an IPO, has filed for bankruptcy. — MassDevice

Of the 12 IPOs from venture-backed companies in the second quarter, nine came from the biotech sector. — FierceBiotech

Shares of Austin, Texas-based XBiotech tumbled 33 percent on Tuesday after the company reported disappointing results of a clinical trial for colon cancer treatment Xilonix. — The Motley Fool

Aprecia Pharmaceuticals, maker of the first FDA-approved, 3-D printed drug, has landed $30 million in new funding from Hercules Capital. — FierceBiotech

Laboratory supplier VWR, of Radnor, Pennsylvania, has acquired PAW BioSciences Products for undisclosed terms. — Philadelphia Business Journal


The University of Wisconsin’s UW Health is partnering with  UnityPoint Health-Meriter to help ease a physician shortage at UW’s flagship University Hospital in Madison. — Modern Healthcare

AHIMA, the Robert Wood Johnson Foundation’s Flip the Clinic program and Dr. Farzad Mostashari’s ACO startup, Aledade, have announced plans to advance the year-old GetMyHealthData patient-access project. — Healthcare IT News


Google’s DeepMind AI division will test its algorithms on 1 million eye scans from a British hospital. — BBC News

Payer-side care management and analytics company Health Integrated is promoting Chief Revenue Officer Zachary Fritz to CEO, effective June 10. — PR Newswire

NightBalance, a Dutch company making technology for treating sleep apnea, has raised a €12.5 million ($13.8 million) Series B round as it prepares to ender the U.S. market. — Business Wire


In a decision that could drive up drug costs even more, a federal court has ruled that biosimilar makers must notify patent-holders six months before launching competitive products. — STAT


Something to aspire to: “Bill Gates once invited Warren Buffett to a sleepover and discovered him eating Oreos for breakfast.” — Business Insider