Pfizer Inc to buy Medivation

Q.  Which leading pharmaceutical company will acquire US drug company Medivation in a deal valued at USD 14 billion?
- Published on 24 Aug 16

a. Pfizer
b. Sun Pharma
c. Ranbaxy
d. GSK

ANSWER: Pfizer
 
Pfizer Inc said on 22nd August that it would purchase US cancer drug company Medivation Inc in a deal valued at USD 14 billion, adding blockbuster prostrate cancer drug Xtandi to the portfolio.
  • Medivation shares rose 20 percent at USD 80.56 in pre-market trade slightly less than the offer prize of USD 81.50 per share in cash.
  • Officer is at a substantial premium to the initial offer by Sanofi SA to buy Medivation for USD 52.50 per share in April.
  • Deal comes four months after Allergan Plc and Pfizer scrapped their USD 160 billion merger.
  • Pfizer also purchased Anacor Pharmaceuticals Inc in a USD 5.2 billion deal to add skin care to its portfolio.
  • Pfizer’s MA strategy now marks a shift from lowering taxes to strengthening drugs portfolio ahead of decision to sell or spin off generic drugs business by 2016.
  • Pfizer’s oncology offerings include quality immune oncology products.

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