Pfizer To Buy Medivation, Adding Cancer Drugs To Portfolio
Several companies have tried to reach a deal with San Francisco-based Medivation Inc. but Pfizer announces that it will acquire the biotech for about $14 billion.
Los Angeles Times:
Pfizer To Pay $14 Billion For Medivation, Whose Big Cancer Drug Was Discovered By UCLA
Pharmaceutical giant Pfizer Inc. on Monday announced a $14-billion deal to purchase Medivation Inc., a San Francisco biotech company that sells a high-priced prostate cancer medication discovered by UCLA. A year’s worth of the drug, Xtandi, sells for about $129,000, and the medicine has generated about $2.2 billion in net sales around the world over the last year, the companies said in announcing the deal. (Puzzanghera, 8/22)
The Wall Street Journal:
Pfizer To Buy Medivation For $14 Billion
Pfizer Inc. said Monday that it had agreed to buy biotech Medivation Inc. for about $14 billion, in a move that adds one of the crown jewels of the multibillion-dollar market for cancer drugs to Pfizer’s portfolio. News of the impending deal was reported Sunday. The deal ends months of bidding for San Francisco’s Medivation, one of the most desired independent biotechs because it sells a leading prostate-cancer drug. (Rockoff, 8/22)
The New York Times:
Pfizer To Buy Medivation In $14 Billion Deal
Pharmaceutical companies from all over the world placed bids for Medivation in an auction after it rebuffed an offer by the French drug maker Sanofi. On Monday, Pfizer said that it had prevailed, with a $14 billion agreement to acquire Medivation, representing about $81.50 a share in cash. (Picker, 8/22)
Reuters:
Pfizer Boosts Cancer Drug Pipeline With $14 Billion Medivation Deal
Pfizer, whose oncology offerings include breast cancer drug Ibrance and several other promising immuno-oncology products, will now get access to Xtandi as well as Talazoparib, another breast cancer treatment under development. Xtandi, which generated U.S. net sales of $330.3 million in the second quarter, has posted double-digit growth, putting Medivation on track to achieve its target of more than 50 percent in revenue growth for the year. (Banerjee, 8/22)