US pharmaceutical giant Pfizer is nearing a deal to buy US biotech firm Medivation, which specializes in cancer treatments, for nearly $14 billion.

‘Pfizer's offer for the San Francisco, California-based Medivation goes far beyond the company's market value of $11.1 billion.’

Pfizer's offer for the San Francisco, California-based Medivation goes far beyond the company's market value of $11.1 billion. Medivation shares closed at $67.16. 




By purchasing Medivation, Pfizer would add to its portfolio the drug Xtandi, a promising treatment against prostate cancer that analysts estimate will generate some $1.33 billion in annual sales by 2020.
The purchase would be Pfizer's biggest buy since it bought the medical device company Hospira last year for $17 billion.
The transaction is a snub to the French pharmaceutical group Sanofi, which earlier offered $58 a share, which Medivation rejected in July.
Source-AFP