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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Sanofi | EU:SAN | Euronext | Ordinary Share |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| -0.39 | -0.43% | 91.23 | 91.00 | 91.62 | 91.72 | 89.63 | 91.38 | 1,682,358 | 16:40:00 |
From Apr 2019 to Apr 2024
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.
Medivation's prostate-cancer drug, Xtandi, already generates about $2 billion in yearly sales and has potential to more than double, according to analysts.
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.
Write to Jonathan D. Rockoff at Jonathan.Rockoff@wsj.com
(END) Dow Jones Newswires
August 21, 2016 21:55 ET (01:55 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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