Global pharma giant Pfizer to acquire Medivation for $14bn
Global pharmaceutical company Pfizer is reportedly in talks to acquire American biopharmaceutical company Medivation for $14 billion.
Whilst neither party has commented on a proposed deal so far, American news site Bloomberg suggests a deal could be completed later today.
The deal would give Pfizer access to market Medivation’s largest selling prostate cancer drug Xtandi. The cancer drug which holds 51 percent of the market, is projected to help Pfizer make $1.3 billion in annual sales by 2020.
With market for older medicines declining, the global pharma company had been eyeing new branded treatments.
The company’s CEO, Ian Read had explained earlier this year that Pfizer’s focus was now on purchasing “late-stage assets” than the “early-stage assets” which it already possesses in its portfolio.
With its latest acquisition, Pfizer will look to cash in on the growing demand for cancer drugs in the market. Along with the company’s headline drug Xtandi, Pfizer will also get access to two experimental drugs being developed by Medivation; one for breast cancer and the other for blood cancer.
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