Drugmaker Medivation, Inc.(NASDAQ:MDVN) plans to split
each of its shares into two, the company said on Tuesday.
The company said stockholders who own Medivation
shares as of Sept. 7 will get one additional share for each share they own on
September 21 and the split will be effective when trading begins on Sept. 24.
The intention of a stock split is to make the shares
cheaper and more attractive to retail investors and also to increase the volume
of shares in the market.
The split will double the company's outstanding number
of shares and halve its share price.
Medivation, whose shares trade on the Nasdaq, had 36.8
million shares on the market as of Aug. 3.
Shares of Medivation lost 23 cents to close at $96.17
Tuesday. The stock surged in November on positive clinical trial data for its
prostate cancer pill enzalutamide, and continued to climb on results from a
second trial in February. The shares reached an all-time high of $103.89 on
July 27.
Meanwhile Alnylam Pharmaceuticals, Inc.(NASDAQ:ALNY) and
Monsanto Company(NYSE:MON) are collaborating to develop biological pesticides
that use RNA interference technology, which shuts down the proteins at the root
of a disease or condition.
The 10-year collaboration announced on Tuesday will
expand the offerings of Monsanto's BioDirect technology platform, which uses
molecules found in nature to combat viruses, weeds, and insects.
Alnylam will get $29.2 million upfront from Monsanto,
and $1.4 million of that total will go to Alnylam's partner Isis
Pharmaceuticals Inc.
It can also receive funding for collaborative
research. Both Alnylam and Isis will also be eligible for future milestone
payments and royalties from sales of any products that are developed.
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