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Pfizer buys Medivation in $14 bn deal

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Boosts its oncology roster with Xtandi, Medivation leading drug to treat prostate cancer

Pharma major, Pfizer has bought US-based Medivation, a biotech firm specialising in cancer treatments, for approximately $14 billion.

The deal would add Medivation’s oncology drug, Xtandi, used for prostate cancer treatment. Reportedly, this would generate around $1.33 billion in annual sales by 2020.

It is Pfizer’s largest buy since it acquired Hospira, a medical device company for $17 billion. Touted as a major deal, Pfizer and Ireland-based Allergan had scrapped their $160 billion merger, a few months back. Pfizer bought Anacor Pharmaceuticals in a $5.2 billion deal.

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