Pfizer Buys Medivation for $14 Billion
It’s cornering the cancer market. Medivation, a biotech firm, makes prostate cancer drug Xtandi — which brings in about $2 billion per year. Pfizer’s all-cash deal also scores Talazoparib, being developed to alter the DNA of tumor cells to kill them. The deal announced early today represents a victory over several other pharmaceutical behemoths — and cements Pfizer’s place in the $80 billion per year cancer-fighting business while the company decides whether to split in half by the end of the year.