The cancer-drug company’s stock was down on its luck back in February, when the shares got caught up in a sweeping selloff in the biotech sector. The stock fell as low as $26.41 on Feb. 9, its lowest in more than two years. The price has more than tripled since then.
Long-time Medivation investors can thank Pfizer Inc. for its $81.50-per-share takeover agreement announced Monday, which represents a 21% premium to its closing price Friday. But they should reserve some gratitude for Sanofi SA, too.