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Pfizer Nears Agreement to Buy Medivation for $14 Bilion

by Julia Samuel on August 22, 2016 at 3:08 PM
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Pfizer Nears Agreement to Buy Medivation for $14 Bilion

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

Bloomberg and The Wall Street Journal said the deal could be made public. The Journal, citing people familiar with the matter, said it could be an all-cash transaction.

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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
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