Pfizer Inc said on Monday it would buy U.S. cancer drug company Medivation Inc in a deal valued at about $14 billion to boost its oncology portfolio.
Pfizer will offer Medivation shareholders $81.50 per share in cash, a substantial premium to Sanofi SA’s first offer of $52.50 made in April that forced Medivation to put itself up for sale.
Shares of Medivation, best known for its prostate cancer drug Xtandi, were up 19 percent at $80.01 in premarket trade, just shy of the offer price.
