SunTrust Downgrades Medivation (MDVN) to Neutral
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August 22, 2016 12:33 AM EDT
Pfizer (NYSE: PFE) is near a deal to acquire Medivation (NASDAQ: MDVN) for just shy of $14 billion in cash, or about $80 per share, according to various media reports late Sunday. A deal could be announced as soon as Monday.
The offer comes at a sharp premium to the $52.50 per... More
August 21, 2016 6:12 PM EDT
By Ransdell Pierson and Ankur Banerjee
(Reuters) - Pfizer Inc (NYSE: PFE), beating out numerous other bidders, said it agreed to buy U.S. cancer drug company Medivation Inc (NASDAQ: MDVN) for $14 billion in cash, adding its blockbuster prostate cancer drug Xtandi to the company's growing oncology roster.
Medivation shares jumped nearly 20 percent to close at $80.42, just shy of the offer price of $81.50 per share. Shares of Pfizer, the largest U.S. drugmaker, were down 0.4 percent at $34.84.
The offer is a 55-percent... More
