“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.”
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