August 22, 2016 / 10:56 AM / a year ago

BRIEF-Pfizer to acquire Medivation for about $14 bln

Aug 22 (Reuters) - Pfizer Inc

* Pfizer to acquire Medivation

* Medivation agrees to transaction valued at $81.50 per Medivation share in cash, for a total enterprise value of approximately $14 billion

* Deal for total enterprise value of about $14 billion

* Does not expect transaction to impact its current 2016 financial guidance.

* Says Pfizer expects to finance transaction with existing cash

* Proposed acquisition of medivation is expected to immediately accelerate revenue growth and drive overall earnings growth potential for Pfizer

* Deal expected to be immediately accretive to Pfizer's adjusted diluted EPS upon closing, about $0.05 accretive in first full year

* Unit of Pfizer will commence a cash tender offer to purchase all of outstanding shares of medivation common stock for $81.50 per share

* Says expects to complete acquisition in third or fourth-quarter 2016

* Pfizer's financial advisors for transaction were Guggenheim Securities and Centerview Partners

* J.P. Morgan Securities and Evercore served as Medivation's financial advisors Source text for Eikon: Further company coverage:

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below