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

Pfizer to buy Medivation in $14 bln deal

Aug 22 (Reuters) - Pfizer Inc said it would buy U.S. cancer drug company Medivation Inc in a deal valued at about $14 billion to boost its oncology portfolio.

Pfizer will offer Medivation shareholders $81.50 per share in cash, a premium of 21.35 percent to the stock's Friday close of $67.16.

Reuters had reported that Pfizer, Sanofi, Merck & Co Inc , Celgene Corp and Gilead Sciences Inc had submitted expressions of interest to acquire Medivation. (Reporting by Ankur Banerjee in Bengaluru; Editing by Don Sebastian)

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