Shares of Medivation briefly popped more than 4 percent Wednesday after a report that at least five pharmaceutical companies expressed interest in buying the biopharmaceutical company.
The stock later pared its gains and ended the day up about 2 percent.
Merck is one of five pharmaceutical companies who have expressed interest in buying Medivation, according to Reuters, citing sources who asked not be identified because the sale process details are confidential.
For the past several months, reports have surfaced of drugmakers approaching Medivation to express interest in an acquisition.
Some of the sources said the U.S. cancer company plans to speak with more possible buyers and request to solidify their offers.
Medivation declined to comment. The stock has risen this year, up more than 37 percent.
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