Pfizer to acquire Medivation for $14bn

Pfizer has unveiled plans to acquire US based biopharmaceutical company Medivation for approximately $14 billion.

The company is focused on developing and commercialising small molecules for oncology.

Ian Read, CEO of Pfizer, said: “The proposed acquisition of Medivation is expected to immediately accelerate revenue growth and drive overall earnings growth potential for Pfizer.”

He added: “The addition of Medivation will strengthen Pfizer’s innovative health business and accelerate its pathway to a leadership position in oncology, one of our key focus areas, which we believe will drive greater growth and scale of that business over long-term.”

Medivation produces Xtandi (enzalutamide), a prostate cancer treatment, and is also in the process of developing a breast cancer treatment, Talazoparib.

David Hung, CEO of Medivation, said: “We believe the combination with Pfizer is the right next step in our growth trajectory and is a testament to the passion and dedication by which the medication team has delivered on our mission to profoundly transform patients’ lives through medically innovative therapies.”