Pfizer close to buy­ing Me­di­va­tion

The Myanmar Times - - International Business -

US phar­ma­ceu­ti­cal gi­ant Pfizer is near­ing a deal to buy US biotech firm Me­di­va­tion, which spe­cialises in can­cer treat­ments, for nearly US$14 bil­lion.

Bloomberg and The Wall Street Jour­nal said the deal could be made public as early as to­day. The Jour­nal, cit­ing peo­ple fa­mil­iar with the mat­ter, said it could be an all-cash trans­ac­tion.

Pfizer’s of­fer for the San Fran­cisco, Cal­i­for­nia-based Me­di­va­tion goes far be­yond the com­pany’s mar­ket value of $11.1 bil­lion. Me­di­va­tion shares closed at $67.16 in trad­ing on Au­gust 19.

By pur­chas­ing Me­di­va­tion, Pfizer would add to its port­fo­lio the drug Xtandi, a promis­ing treat­ment against prostate can­cer that an­a­lysts es­ti­mate will gen­er­ate some $1.33 bil­lion in an­nual sales by 2020.

The pur­chase would be Pfizer’s big­gest buy since it bought the med­i­cal de­vice com­pany Hospira last year for $17 bil­lion.

The trans­ac­tion is a snub to the French phar­ma­ceu­ti­cal group Sanofi, which ear­lier of­fered $58 a share. Me­di­va­tion re­jected that of­fer in July. –

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