Pfizer approaches Medivation about potential takeover: sources

New York

PFIZER Inc has approached US cancer drug maker Medivation Inc to express interest in an acquisition, raising the possibility of a bid rivalling a US$9.3 billion offer by Sanofi SA, people familiar with the matter said on Tuesday.

Pfizer's approach comes less than a week after Sanofi went public with its US$52.50 per share cash offer, complaining that Medivation refused to engage. Medivation subsequently rejected the offer as too low. Its shares closed on Tuesday at US$57.52.