Deals
Pfizer Beats Out Sanofi to Take Medivation for $14 Billion
- Medivation soars about 20 percent in premarket trading
- Pfizer agrees to pay $81.50 a share in cash for drugmaker
Pfizer Tops Sanofi in $14 Billion Medivation Deal
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Pfizer Inc. claimed the pharmaceutical industry’s latest big prize Monday, beating out a group of rivals after months of jockeying to buy Medivation Inc. and its blockbuster cancer drug for $14 billion.
Left behind was French drugmaker Sanofi, whose aggressive and at one point hostile pursuit of Medivation helped open up the process to Pfizer, Gilead Sciences Inc. and others that were said to be involved. Pfizer will pay $81.50 a share in cash, the companies said in a statement on Monday, well above Sanofi’s initial $52.50 a share offer.