Pfizer Inc (PFE.N), beating out numerous other bidders, said it would buy U.S. cancer drug company Medivation Inc (MDVN.O) for $14 billion in cash, adding its blockbuster prostate cancer drug Xtandi to the company's growing oncology roster.
Medivation shares were up 20 percent at $80.43 in midday trading, just shy of the offer price of $81.50 per share. Shares of Pfizer, the largest U.S. drugmaker, were little changed.
23:06 AT&T discussed takeover in meetings with Time Warner: Bloomberg
11:10 Merged BAT-Reynolds could be loaded with up to $55 billion of debt, analysts say2
21:21 Intel’s Earnings Rise, but Sales Outlook Disappoints
20:23 Yahoo, even with hack of all hacks, pulls in profit as Verizon waits to take over