Pfizer to acquire Medivation for $14b

AFP, NEW YORK: US pharmaceutical giant Pfizer announced Monday that it will acquire Medivation for about $14 billion, besting Sanofi and other large drug companies that had sought the biotech firm's lucrative cancer treatments.
The all-cash deal brings Pfizer the hit medication Xtandi, which generated $2.2 billion in revenues over the last year in treating advanced metastatic prostate cancer.
The transaction, agreed by both companyies' boards, will also bring to Pfizer other late-stage drugs under development at San Francisco-based Medivation.
Medivation has been working with Japanese company Astellas to develop other applications for Xtandi, including for breast cancer and the common liver cancer hepatocellular carcinoma.
"The proposed acquisition of Medivation is expected to immediately accelerate revenue growth and drive overall earnings growth potential for Pfizer," said Ian Read, Pfizer chairman and chief executive.
Medivation founder and chief executive David Hugh called Pfizer "the ideal partner to extend the reach of our blockbuster Xtandi franchise and take our promising, late-stage assets -- talazoparib and pidiluzimab -- to their next stages of development."
Shares of Medivation surged 19.8 per cent to $80.48 a share in mid-morning trade, compared to the $81.50 per-share valuation in the deal. Pfizer rose 0.8 per cent to $35.26.

Pfizer to acquire Medivation for $14b

AFP, NEW YORK: US pharmaceutical giant Pfizer announced Monday that it will acquire Medivation for about $14 billion, besting Sanofi and other large drug companies that had sought the biotech firms lucrative cancer treatments. The all-cash deal brings Pfizer the hit medication Xtandi, which generated $2.2 billion in revenues over the last year in treating advanced metastatic prostate cancer. The transaction, agreed by both companyies boards, will also bring to Pfizer otherlate-stage drugs under development at San Francisco-based Medivation. Medivation has been working with Japanese company Astellas to develop other applications for Xtandi, including for breast cancer and the common liver cancer hepatocellular carcinoma. The proposed acquisition of Medivation is expected to immediately accelerate revenue growth and drive overall earnings growth potential for Pfizer, said Ian Read, Pfizer chairman and chief executive. Medivation founder and chief executive David Hugh called Pfizer the ideal partner to extend the reach of our blockbuster Xtandi franchise and take our promising, late-stage assets -- talazoparib and pidiluzimab -- to their next stages of development. Shares of Medivation surged 19.8 per cent to $80.48 a share in mid-morning trade, compared to the $81.50 per-share valuation in the deal. Pfizer rose 0.8 per cent to $35.26.