BioCentury
ARTICLE | Finance

Medivation elation

Totting up Bain Capital's massive payday on Medivation takeout

September 5, 2016 7:00 AM UTC

Deep analysis and market timing converged to make Medivation Inc. (NASDAQ:MDVN) one of the biggest-ever biotech wins for Bain Capital Public Equity. The firm, which has been enjoying trading gains on the stock for the better part of the last five years, will make more than $163 million on its most recent Medivation investment when Pfizer Inc. (NYSE:PFE) completes its acquisition of the cancer company this year.

Pfizer is paying $81.50 per share in cash, or about $14 billion. The price is a 118% premium to Medivation's close of $37.39 on March 30, before rumors surfaced that it had hired JPMorgan to fend off unsolicited takeover offers...