as mentioned in mystatesman
Pfizer spends $14B on Medivation in cancer fight
Pfizer spends $14B on Medivation in cancer fight
Pfizer 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.
not to mention thisismoney
Pfizer raid on cancer drug developer Medivation to spark takeovers in drugs sector
Pfizer raid on cancer drug developer Medivation to spark takeovers in drugs sector
A multi-billion dollar US drug industry takeover is tipped to spark more deals in the sector with British giants eyeing up a string of rivals.Pfizer yesterday announced it was buying cancer drug developer Medivation for £10.7billion.The deal follows months of speculation about possible suitors for San Francisco-based Medivation, which produces prostate cancer treatment Xtandi.It is the latest in a growing string of deals hatched by drugs giants anxious to stock up on new treatments as patents on older drugs expire.
let alone thestar
Pfizer boosts cancer drug roster with US$14bil Medivation deal - Business News
Pfizer boosts cancer drug roster with US$14bil Medivation deal - Business News
NEW YORK: Pfizer Inc, beating out numerous other bidders, said it would buy US cancer drug company Medivation Inc for US$14bil (RM56.3bil) in cash, adding its blockbuster prostate cancer drug Xtandi to the company's growing oncology roster.Medivation shares were up 20% at US$80.43 in afternoon trading, just shy of the offer price of US$81.50 per share.Shares of Pfizer, the largest US drugmaker, were down 0.5% at US$34.82.The offer is a 55% premium to Sanofi SA's initial offer to buy Medivation for US$52.50 in April that pushed the San Francisco-based company to put itself up for sale.And it would represent a 118% increase since Reuters reported on March 30 that Medivation had hired JP Morgan to handle interest from companies in a potential acquisition.The planned purchase of Medivation and its US$2.2bil-a-year Xtandi is the latest in a number of deals by large drugmakers willing to pay top dollar for cancer drugs that are more effective than standard older treatments.Perhaps the most notable example is AbbVie Inc's US$21bil (RM84.7bil) purchase last year of Pharmacyclics.
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