Pfizer Nears Agreement To Buy Medivation -- Sources
August 21 2016 - 9:23PM
Dow Jones News
By Jonathan D. Rockoff
Pfizer Inc. is nearing an agreement to buy biotech Medivation
Inc. in a deal that would add one of the crown jewels of the
multibillion-dollar market for cancer drugs to Pfizer's portfolio,
according to people familiar with the matter.
The $14 billion deal could be announced as early as Monday,
according to one of the people. It would end months of bidding for
San Francisco-based Medivation, one of the most desired independent
biotechs because it sells a leading prostate-cancer drug.
Medivation's prostate-cancer drug, Xtandi, already generates
about $2 billion in yearly sales and has potential to more than
double, according to analysts.
Pfizer, which sells drugs for breast and lung cancers, has been
seeking to expand its lineup of such oncology treatments.
San Francisco-based Medivation was put in play after French drug
company Sanofi SA made an unsolicited proposal of $52.50 a share in
cash, which the biotech rejected in April for substantially
undervaluing the company.
The news of the pending deal was reported earlier by The
Financial Times.
Write to Jonathan D. Rockoff at Jonathan.Rockoff@wsj.com
(END) Dow Jones Newswires
August 21, 2016 21:08 ET (01:08 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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