September 12, 2016 (Shareholders Foundation) - An investor who currently holds shares of Medivation Inc (NASDAQ:MDVN), filed a lawsuit in effort to halt the proposed takeover of Medivation Inc by Pfizer Inc. for $81.50 per share.
The plaintiff alleges that the defendants breached their fiduciary duties owed to NASDAQ:MDVN stockholders by agreeing to sell Medivation Inc too cheaply via an unfair process to affiliates of private equity firm Pfizer Inc.

August 22, 2016, Pfizer Inc. (NYSE:PFE) and Medivation, Inc. (NASDAQ:MDVN) announced that they have entered into a merger agreement under which Pfizer will acquire Medivation for $81.50 a share in cash for a total enterprise value of approximately $14 billion.

However, plaintiff claims that the proposed consideration NASDAQ:MDVN shareholders will receive is grossly inadequate and undervalues Medivation. Indeed, at least one analyst set the high target price for NASDAQ:MDVN at $82.00 per share. Furthermore, Medivation Inc reported that its annual total Revenue rose from $272.94 million in 2013 to $943.26 million in 2015 and that its Net Loss of $42.61 million in 2013 turned into a Net Income of $244.72 million in 2015. In addition, the plaintiff alleges that the process is also unfair to NASDAQ:MDVN stockholder.