Subscribe & Follow

Advertise your job vacancies

Pfizer nears agreement to buy Medivation for USD14bn: reports

22 Aug 2016

NEW YORK, USA: US pharmaceutical giant Pfizer is nearing a deal to buy US biotech firm Medivation, which specializes in cancer treatments, for nearly $14-billion, US media reported.

Pfizer nears agreement to buy Medivation for USD14bn: reports

Bloomberg and The Wall Street Journal said the deal could be made public as early as Monday, 22 August 2016. The Journal, citing people familiar with the matter, said it could be an all-cash transaction.

Pfizer's offer for the San Francisco, California-based Medivation goes far beyond the company's market value of $11.1 billion. Medivation shares closed at $67.16 in Friday trading.

By purchasing Medivation, Pfizer would add to its portfolio the drug Xtandi, a promising treatment against prostate cancer that analysts estimate will generate some $1.33 billion in annual sales by 2020.

The purchase would be Pfizer's biggest buy since it bought the medical device company Hospira last year for $17 billion.

The transaction is a snub to the French pharmaceutical group Sanofi, which earlier offered $58 a share, which Medivation rejected in July.

Source: AFP via I-Net Bridge

Source: I-Net Bridge

For more than two decades, I-Net Bridge has been one of South Africa’s preferred electronic providers of innovative solutions, data of the highest calibre, reliable platforms and excellent supporting systems. Our products include workstations, web applications and data feeds packaged with in-depth news and powerful analytical tools empowering clients to make meaningful decisions.

We pride ourselves on our wide variety of in-house skills, encompassing multiple platforms and applications. These skills enable us to not only function as a first class facility, but also design, implement and support all our client needs at a level that confirms I-Net Bridge a leader in its field.

Go to: http://www.inet.co.za