Pfizer to buy Medivation and boost cancer drug portfolio

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By Euronews
Pfizer to buy Medivation and boost cancer drug portfolio

<p>Pharmaceutical giant Pfizer has said it is going to buy the US cancer drug company Medivation.</p> <p>It is spending about $14 billion (12.37 billion euros) with the main benefit being that it adds the successful prostate cancer treatment Xtandi to its portfolio.</p> <p>The drug is projected to generate more than one billion euros a year in sales by 2020. </p> <p>Pfizer, whose oncology offerings include breast cancer drug Ibrance and several other promising immuno-oncology products, will now also access to Talazoparib, another breast cancer treatment under development.</p> <p>Medivation, which is based in San Francisco, put itself up for sale in April.</p> <p>That attracted an offer from the French drugmaker Sanofi which was considerably bested by Pfizer. </p> <p>It is possible but unlikely Sanofi could launch a counter bid, pharmaceutical industry analysts said.</p> <p>“Given the already very high price being discussed, the difficult public relationship between Medivation and Sanofi … we see a higher bid as very unlikely, but not impossible,” <span class="caps">RBC</span> Capital Partners wrote in a client note ahead of the announcement.</p> <p>Sanofi said while it recognised the potential strategic benefits of a combination with Medivation, it was a “disciplined acquirer and remained committed to acting in the best interests of Sanofi shareholders”.</p> <p>Medivation’s shares jumped 20 percent on Monday while Pfizer’s slipped slightly.</p>