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AstraZeneca, Pfizer Said Among Firms Weighing Medivation Bid

AstraZeneca Plc and Pfizer Inc. are among firms considering a counteroffer for Medivation Inc., challenging Sanofi’s $9.3 billion bid for the company, people familiar with the matter said.

Novartis AG is also exploring a bid, said people familiar with the matter. The Basel, Switzerland-based firm, along with Pfizer and AstraZeneca, are talking to advisers about Medivation’s value and next steps, including possible bids, the people said. The deliberations are at an early stage and the companies may decide against making offers, they said.

Medivation is looking for bids of at least $65 a share, a separate person said. Medivation rejected Sanofi’s $52.50...