Sources familiar with the situation have revealed on Sunday that Pfizer Inc. is in advanced talks to acquire cancer drug company Medivation Inc. for close to $14 billion.
In an effort to boost it oncology porfolio, Pfizer has agreed to pay a little more than $80 per share for Medivation.
Medivation only put itself up for sale after French company Sanofi SA made a $52.50 offer back in April which Medivation declined. Pfizer’s offer is substantially higher.
Shares of Medivation closed at $67.16 this past Friday.
According to the sources, Pfizer is expected to pay in cash for the deal in its entirety or at least mostly.
Negotiations are confidential at the moment and both Pfizer and Medivation declined to comment.
However, Medivation agreed in July to share confidential information with potential buyers after Sanofi agreed to drop a campaign to oust Medivation’s board of directors.
Disclaimer: We have no position in Pfizer Inc. (NYSE: PFE) nor Medivation Inc. (NASDAQ: MDVN) and have not been compensated for this article.