according to mercurynews
Pfizer to buy cancer drugmaker Medivation for $14 billion
Pfizer to buy cancer drugmaker Medivation for $14 billion
SAN FRANCISCO -- Medivation put an end to months of speculation about who would buy the cancer drugmaker when on Monday it agreed to be acquired by New York-based pharmaceutical giant Pfizer for $14 billion.The deal, announced before the stock market opened Monday, values Medivation at $81.50 a share, or a 21 percent premium above the stock's closing price last Friday.Medivation is probably best known for making Xtandi, a prostate cancer drug, that can be taken as an alternative to chemotherapy.Xtandi is also marketed by Medivation partner Astellas Pharma, of Japan.
coupled with sfgate
Pfizer spends $14B on Medivation in cancer fight
Pfizer spends $14B on Medivation in cancer fight
Pfizer spends $14B on Medivation in cancer fightPhoto: Mark Lennihan, AP Image 1 of / 1 Caption Close Image 1 of 1 FILE - In this Monday, Nov. 23, 2015, file photo, a man enters Pfizer's world headquarters, in New York.Pfizer is buying biopharmaceutical company Medivation in a deal valued at about $14 billion.Medivation Inc.'s stock soared more than 19 percent in Monday, Aug. 22, 2016 premarket trading.less FILE - In this Monday, Nov. 23, 2015, file photo, a man enters Pfizer's world headquarters, in New York.
in like manner businessinsider
Why Pfizer acquired cancer drugmaker Medivation for $14 billion
Why Pfizer acquired cancer drugmaker Medivation for $14 billion
Pfizer just outbid numerous competitors for Medivation, a cancer drugmaker with just one approved drug.The $14 billion deal, at $81.50 a share, is a notable premium to the $9.3 billion offer the pharma giant Sanofi had made earlier this year.Medivation had rejected that approach.The high price may come as a surprise, considering Medivation was trading at $67.16 on Friday.
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