Pfizer to buy biotech company Medivation

On Monday Pfizer (PFE) announced that it has made a deal wih biotech firm, Medivation (MDVN), worth $14 billion. The company is known for making an important cancer drug such as Xtandi, which can treat prostate cancer. It is estimated that Xtandi has genrated more than $2,2 billion in sales globally. Pfizer in its acquisition of Medivation will pay $81.50 per share for the biotech company. The deal is yet to be reviewed by various shareholders and other regulatory bodies. Pfizer had an opportunity to merge with Allergan (AGN) in a deal worth more than $150 billion, but got blocked after new rules came into motion that aims to clamp down on tax avoidance in the corporate sector. Experts suggest that the deal could have lead to Pfizer breaking off into smaller companies. However, Pfizer has continued to scan the market for aquisitions and announced in May that it would buy Anacor for $5.2 billion.