Pfizer to buy cancer drug company Medivation in $14bn deal

Pfizer sees ‘rare opportunity’ as it purchases maker of prostate cancer treatment Xtandi, adding to its portfolio in a lucrative medical area

Pfizer will pay about $14bn to buy cancer drug developer Medivation in a cash deal aimed at fortifying its hold in one of the hottest and most lucrative areas of medicine.

The New York drugmaker said on Monday that the acquisition would stock its product portfolio with leading treatments for the most common cancers in men and women by adding Medivation’s pricey prostate cancer treatment Xtandi to a lineup that already includes the breast cancer drug Ibrance.

Related: The cost of drugs is killing us. How can we foster access for all? | Mihir Mankad

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