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PFE) Likely To Acquire Medivation For $14 Billion
PFE) Likely To Acquire Medivation For $14 Billion
US Pharma major Pfizer is about to close a deal to acquire Medivation for $14 billion.Pfizer's previous deal to acquire Allergen pharma didn't go through.The impending acquisition will give Pfizer access to Xtandi, a blockbuster prostate cancer treating drug.US pharma major Pfizer (NYSE:PFE) is all set to acquire prostate-cancer drug maker Medivation (NSDQ:MDVN).
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Pfizer (PFE) Near Deal to Acquire Medivation (MDVN) for $14 Billion
Pfizer (PFE) Near Deal to Acquire Medivation (MDVN) for $14 Billion
Pfizer (NYSE: PFE) is near a deal to acquire Medivation (NASDAQ: MDVN) for just shy of $14 billion in cash, or about $80 per share, according to various media reports late Sunday.A deal could be announced as soon as Monday.The offer comes at a sharp premium to the $52.50 per share hostile offer made by Sanofi (NYSE: SNY) in April, which was rejected outright by Medivation.Shortly after the rejection, Sanofi launched an effort to replace Medivation's board, which was later dropped.
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Pfizer Reportedly Nears $14 Bln Deal To Acquire Medivation
Pfizer Reportedly Nears $14 Bln Deal To Acquire Medivation
Shutterstock photo(RTTNews.com) - Drug giant Pfizer Inc. (PFE) is close to an agreement to buy Medivation Inc. (MDVN), the developer of blockbuster prostate-cancer drug Xtandi, for about $14 billion, Financial Times reported citing people familiar with the matter.The proposed deal, which may be announced as early as Monday, would give a boost to Pfizer's portfolio, which has been seeking to expand its lineup of oncology treatments.Medivation's shares had closed at $67.16 on Friday, down 0.04 percent, giving it a market value of $11.14 billion.The deal, if agreed upon, would end months of bidding for San Francisco-based Medivation, which has been one of the most desired independent biotechs due to its blockbuster drug.
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