Pfizer To Buy Medivation To Add Cancer Drugs To Portfolio
In other marketplace news, Valeant hires a new CFO.
The Wall Street Journal:
Pfizer To Buy Medivation For $14 Billion
Pfizer Inc. said Monday that it had agreed to buy biotech Medivation Inc. for about $14 billion, in a move that adds one of the crown jewels of the multibillion-dollar market for cancer drugs to Pfizer’s portfolio. ... The deal ends months of bidding for San Francisco’s Medivation, one of the most desired independent biotechs because it sells a leading prostate-cancer drug. Pfizer will pay $81.50 a share, a 21% premium to Medivation’s closing stock price Friday. Medivation shares traded up 20% to $80.47 in early trading as Pfizer shares fell 5 cents to $34.92. (Rockoff, 8/22)
The Wall Street Journal:
Valeant Taps Zoetis Executive For CFO Role
Valeant Pharmaceuticals International Inc. is expected to announce it has hired Paul Herendeen as its new chief financial officer, luring the executive away from animal-health giant Zoetis Inc., according to sources close to the companies. (Monga, 8/21)
