Pfizer beats Sanofi to buy Medivation for US$14b
It gains cancer drug Xtandi with acquisition; analysts project it to generate US$1.33b in annual sales by 2020
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New York
PFIZER Inc has agreed to buy Medivation Inc for about US$14 billion, gaining a blockbuster prostate cancer treatment and leaving French drugmaker Sanofi jilted.
Pfizer will pay US$81.50 a share in cash, the companies said in a statement on Monday. Shares of Medivation, which closed at US$67.16 last Friday, climbed about 20 per cent to US$80.57 in early US trading.
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