Pfizer Beats Out Sanofi to Take Medivation for $14 Billion
Pfizer Inc. beats rivals after months of competing for Medivation Inc. and its blockbuster cancer drug, Xtandi, for $14B. Competitors included Sanofi, Gilead Sciences Inc., and others. Pfizer will pay $81.50 a share in cash, well above Sanofi’s initial $52.50 a share offer.
Pfizer now gets Xtandi, Medivation’s cancer drug that’s already approved for sale in the US and elsewhere, and is projected to generate $1.33B in annual sales by 2020. Pfizer Chief Executive Officer, Ian Read, was interested in acquiring late-stage assets because Pfizer already has plenty of early-stage drugs in the works.
