Pfizer nears $14bn takeover of Medivation

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Pfizer is nearing a deal worth about $14bn to acquire California biotechnology company Medivation, after beating out a handful of the world’s largest drug companies to win the auction.
People close to the talks said a deal between Pfizer and Medivation could be announced as early as Monday, though they cautioned that the two sides were in the process of finalising their agreement.

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Pfizer is expected to pay around a 30 per cent premium to Medivation’s closing share price at the end of last week, valuing the company at more than $14bn. The company beat out a number of suitors for Medivation including Celgene, Gilead and French drugmaker Sanofi.

San Francisco-based Medivation makes the world’s best-selling prostate cancer drug, Xtandi, which is forecast to generate $5.7bn in annual revenues by 2020.