Pfizer agrees $14bn deal to acquire Medivation

Pfizer has entered into a definitive merger agreement with Medivation, a biopharmaceutical company with a focus on developing and commercialising small molecules for oncology.

The $14 billion (10.62 billion pounds) will put the company in a leading position in the oncology sector, giving it control over a portfolio of innovative therapies that includes drugs such as Xtandi, the leading novel hormone therapy in the US.

Medivation also has a promising late-stage oncology pipeline that includes two development-stage oncology assets, talazoparib and pidilizumab, both of which have shown great promise in clinical trials.

Pfizer expects to complete the takeover of Medivation during the third or fourth quarter of this year.

Ian Read, chairman and chief executive officer at Pfizer, said: "The addition of Medivation will strengthen Pfizer's innovative health business and accelerate its pathway to a leadership position in oncology, one of our key focus areas."

This comes after the firm strengthened its position in the field of gene therapy with the acquisition of Bamboo Therapeutics earlier this month.

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