OR WAIT null SECS
August 23, 2016
On August 22, 2016 Pfizer announced that it has entered into a definitive merger agreement with Medivation, a company focused on developing and commercializing small molecules for oncology. According to a press statement, Pfizer will acquire the company for $81.50 a share in cash, for a total of approximately $14 billion. Pfizer expects to complete the acquisition in the third or fourth-quarter 2016.
Medivation’s portfolio includes Xtandi (enzalutamide), an androgen receptor inhibitor that blocks multiple steps in the androgen receptor signaling pathway within the tumor cell. Xtandi generated approximately $2.2 billion in worldwide net sales over the past four quarters, as recorded by Astellas Pharma, with whom Medivation entered an agreement in 2009 to develop the drug. In addition, Medivation has a wholly-owned, late-stage oncology pipeline, which includes two development-stage oncology assets, talazoparib and pidilizumab. Talazoparib, currently in a Phase III study for the treatment of BRCA-mutated breast cancer, has the potential to be a highly potent poly ADP ribose polymerase (PARP) inhibitor. Pidilizumab is an immuno-oncology asset being developed for diffuse large B-cell lymphoma and other hematologic malignancies and has the potential to be combined with immuno-oncology therapies in Pfizer’s portfolio.