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Watch Pfizer’s $14 Billion Medivation Deal Boosts Cancer Drug Roster Business News Video

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Watch Pfizer’s $14 Billion Medivation Deal Boosts Cancer Drug Roster Business News Video

“Pfizer Inc (PFE.N), beating out numerous other bidders, said it agreed to buy U.S. cancer drug company Medivation Inc (MDVN.O) for $14 billion in cash, adding its blockbuster prostate cancer drug Xtandi to the company’s growing oncology roster.

“Medivation shares jumped nearly 20 percent to close at $80.42, just shy of the offer price of $81.50 per share. Shares of Pfizer, the largest U.S. drugmaker, were down 0.4 percent at $34.84.

“The offer is a 55-percent premium to Sanofi SA’s (SASY.PA) initial bid to buy Medivation for $52.50 per share in April, which pushed the San Francisco-based company to put itself up for sale.

“It represents a 118-percent increase since Reuters reported on March 30 that Medivation had hired JP Morgan to handle interest from companies in a potential acquisition.”

Read more at Reuters

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