Pfizer Inc. is nearing an agreement to buy biotech Medivation Inc. in a deal that would add one of the crown jewels of the multibillion-dollar market for cancer drugs to Pfizer's portfolio, according to people familiar with the matter.
The $14 billion deal could be announced as early as Monday, according to one of the people. It would end months of bidding for San Francisco-based Medivation, one of the most desired independent biotechs because it sells a leading prostate-cancer drug.
Pfizer, which sells drugs for breast and lung cancers, has been seeking to expand its lineup of such oncology treatments.
San Francisco-based Medivation was put in play after French drug company Sanofi SA made an unsolicited proposal of $52.50 a share in cash, which the biotech rejected in April for substantially undervaluing the company.
The news of the pending deal was reported earlier by The Financial Times.
By: Jonathan D. Rockoff (The Wall Street Journal).
Photo: Big Moving Stock.
Review: Emerging Market Formulations & Research Unit, FLAGSHIP RECORDS.
For The #FacebookTeam