By acquiring Medivation, Pfizer would gain a blockbuster prostate-cancer treatment, Xtandi, that’s already approved for sale in the US and elsewhere, and that analysts project will generate $1.33 billion in annual sales by 2020. Rare prizeA $14 billion purchase of Medivation would be Pfizer’s biggest deal since buying Hospira Inc. for about $17 billion last year, and the company is a rare prize. The breast cancer drug belongs to a class of treatments known as PARP inhibitors, which disrupt cancer cells’ process of DNA repair. By spurning Sanofi’s initial offer, valued at about $9 billion, Medivation was able to bring in more potential suitors and drive up the bidding. The deal is a blow to Sanofi’s cancer ambitions.

Source: Mint August 22, 2016 07:41 UTC