Pfizer to Purchase Medivation for $14 Billion

Pfizer has entered into an agreement to acquire the U.S. drugmaker Medivation for close to $14 billion to boost its oncology portfolio.

Under the terms of the proposed deal, Pfizer will pay more than $80 dollars a share for Medivation, outbidding French drug giant Sanofi, which made an offer for $52.50 per share in May.

Pfizer’s oncology portfolio includes breast cancer treatments and immuno-oncology candidates. The acquisition will expand Pfizer’s portfolio to comprise Medivation’s cancer drug Xtandi and candidate talazoparib.