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Andreas Halvorsen Buys 2 Million Shares of Medivation

August 22, 2012 | About:
Holly LaFon

Holly LaFon

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Andreas Halvorsen bought 1,954,749 shares of Medication Inc. (MDVN) on August 8, according to GuruFocus Real Time Picks. The founder of hedge fund Viking Global Investors paid $97 per share, on average. After the purchase, he owns 5.37% of the company.

Medivation Inc. is a biopharmaceutical company that acquires promising technologies in the late preclinical development phase and develops them quickly and cost-effectively. Medivation Inc. has a market cap of $3.53 billion; its shares were traded at around $94.65 with and P/S ratio of 58.5.

Medivation had a stellar year, its stock price rising 509%. The stock price more than doubled in November 2011 when the company announced positive results from its planned interim analysis of a Phase 3 AFFIRM trial of MDV3100, a treatment for men with advanced prostate cancer previously treated with chemotherapy. The treatment demonstrated a clinically significant improvement in overall survival rate compared to placebo.

On July 24, the FDA granted Enzalutamide (formerly MDV3100) priority review designation, which triggered a $10 million milestone payment from its collaborator on the drug, Astrellas. The drug could potentially be launched in the U.S. this year.

Medivation’s revenues have been declining annually since 2009, falling to $60.4 million in 2011. The company has yet to turn a profit and has approximately $360 million in cash on its balance sheet, with $222 in long-term liabilities and no debt.

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