Medivation update: AstraZeneca considers £7 billion bid

AstraZeneca (AZ) is the latest pharma company to enter the Medivation buyout saga, with a possible £7 billion offer in the works.

The British-Swedish multinational has reportedly had its eye on Medivation for the last six months and joins a list of potential buyers.

As previously reported, rivals Sanofi and Johnson & Johnson seem the most eager to seal the deal, with reports of interest from Roche and Amgen too.

For AZ, the move makes sense in relation to its aspiration to expand its oncology division - acquiring Medivation's prostate cancer blockbuster Xtandi will no doubt help achieve that. Its involvement is still somewhat theoretical, however, considering the company's history of avoiding bidding wars.

AZ's drug sales have recently taken a hit, with its cholesterol treatment Crestor suffering a decline in sales, and its heart disease drug Brilinta failing to show benefit in stroke patients.

AZ is yet to table a formal offer.