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SAN FRANCISCO (AP) — Drugmaker Medivation Inc. said Tuesday that it will conduct a two-for-one stock split on Sept. 21.
The company said stockholders who own Medivation shares as of Sept. 7 will get one additional share for each share they own. The split will take effect when trading begins on Sept. 24. The split will double the company's outstanding number of shares and halve its share price, potentially making the stock more attractive to investors.
Medivation had 36.8 million shares on the market as of Aug. 3. The company's shares trade on the Nasdaq Global Market.
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.
The Food and Drug Administration has not yet approved enzalutamide, but Medivation and its partner Astellas Pharma say they could launch the drug later this year.