Pfizer says acquiring Medivation for $14 billion

 22 Aug 2016 - 14:52

Pfizer says acquiring Medivation for $14 billion
(FILES) This file photo taken on April 26, 2016 shows the Pfizer company logo in front of Pfizer's headquarters in New York. Pfizer reported better-than-expected second-quarter earnings on August 2, 2016 due to solid sales of several pharma products that offset the hit from the strong dollar. AFP / DON EMMERT

New York: Pfizer will purchase biotech firm Medivation, which specializes in cancer treatments, for some $14 billion, the US pharma giant said in a statement on Monday.

Pfizer's offer for the San Francisco-based Medivation goes far beyond the company's market value of $11.1 billion.

The boards of directors of both companies have unanimously approved the merger, the statement said.

"The proposed acquisition of Medivation is expected to immediately accelerate revenue growth and drive overall earnings growth potential for Pfizer," said Ian Read, Pfizer chairman and chief executive officer.