as declared in reuters
Pfizer boosts cancer drug roster with $14 billion Medivation deal
Pfizer boosts cancer drug roster with $14 billion Medivation deal
Pfizer Inc (PFE.N), beating out numerous other bidders, said it agreed to buy U.S. cancer drug company Medivation Inc (MDVN.O) for $14 billion in cash, adding its blockbuster prostate cancer drug Xtandi to the company's growing oncology roster.Medivation shares jumped nearly 20 percent to close at $80.42, just shy of the offer price of $81.50 per share.Shares of Pfizer, the largest U.S. drugmaker, were down 0.4 percent at $34.84.The offer is a 55-percent premium to Sanofi SA's (SASY.PA) initial bid to buy Medivation for $52.50 per share in April, which pushed the San Francisco-based company to put itself up for sale.
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Pfizer spends $14B on Medivation in cancer fight
Pfizer spends $14B on Medivation in cancer fight
Pfizer spends $14B on Medivation in cancer fightPfizer will pay about $14 billion to buy cancer drug developer Medivation in a cash deal aimed at fortifying its hold in one of the hottest and most lucrative areas of medicine.The New York drugmaker said Monday that the acquisition will stock its product portfolio with leading treatments for the most common cancers in men and women by adding Medivation's pricey prostate cancer treatment Xtandi to a lineup that already includes the breast cancer drug Ibrance.Pfizer CEO Ian Read called the acquisition a "rare opportunity" to add an established treatment and a pipeline of drugs under development.Medivation presents an attractive target as a specialty drugmaker focused on developing medicines for cancer and serious diseases with few treatment options.
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Pfizer boosts cancer drug pipeline with $14 billion Medivation deal
Pfizer boosts cancer drug pipeline with $14 billion Medivation deal
By Ankur Banerjee, ReutersNEW YORK — Pfizer Inc said on Monday it would buy U.S. cancer drug company Medivation Inc in a deal valued at about $14 billion, adding blockbuster prostate cancer drug Xtandi to its portfolio.Medivation shares were up 20 percent at $80.56 in premarket trade, just shy of the offer price of $81.50 per share in cash.The offer is at a substantial premium to Sanofi SA's initial offer to buy Medivation for $52.50 in April that pushed the San Francisco-based company to put itself up for sale.The deal comes four months after Pfizer and Ireland-based Allergan PLC scrapped their $160 billion merger.
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