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Pfizer (NYSE:PFE) Monday confirmed it is to buy Medivation for about $14 bn.
Pfizer said it will pay $81.50 a share in cash for the U.S. pharmaceutical firm.
Medivation shares were up 19.9% at $80.50 in pre-market after closing at $67.16 Friday.
Pfizer said the acquisition would add $0.05 to its annual diluted EPS.
The deal will “accelerate revenue growth and drive overall earnings,” Pfizer CEO Ian Read said.
Medivation's XTANDI cancer treatment generated $2.2 bn in global sales over past four quarters.
Pfizer said it will pay $81.50 a share in cash for the U.S. pharmaceutical firm.
Medivation shares were up 19.9% at $80.50 in pre-market after closing at $67.16 Friday.
Pfizer said the acquisition would add $0.05 to its annual diluted EPS.
The deal will “accelerate revenue growth and drive overall earnings,” Pfizer CEO Ian Read said.
Medivation's XTANDI cancer treatment generated $2.2 bn in global sales over past four quarters.
Source by Investing.com
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