Pfizer completes takeover of Medivation

Pfizer has announced the completion of its takeover of Medivation in a deal worth $14 billion (10.78 billion pounds), as agreed in August.

The acquisition of Medivation was completed through a second-step merger, with joint operations commencing on September 28th. It is expected that the merger will greatly expand Pfizer's capabilities in the field of oncology.

Specifically, the deal will allow Pfizer to take control of Medivation's attractive cancer pipeline and to continue Medivation's successful partnership with Astellas on the development and commercialisation of Xtandi, an important treatment for prostate cancer.

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

Albert Bourla, group president of Pfizer's Innovative Health business, said: "Together, we are well-positioned to becoming a leading oncology company, speeding cures and making accessible breakthrough medicines to patients – our number one priority."

This comes after it was recently confirmed that Pfizer has opted against splitting the company into two separate businesses, and will continue to operate as one organisation for the foreseeable future.

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