Pfizer boosts cancer drug roster with $14 billion Medivation deal

August 22, 2016 4:03 PM

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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.

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