23 Aug 2016
Pfizer will acquire biotech firm Medivation, which specialises in cancer treatments, for some US $14 billion. Pfizer’s offer for the San Francisco-based Medivation goes far beyond the company’s market value of US $11.1 billion.
- Medivation board has rejected the offer of US $10 billion from Sanofi. Finally settles with offer of US $14 billion from Pfizer.
- This is second biggest buy since it bought Hospira last year for US $17 billion.
- This acquisition will help Pfizer to strengthen the ONCOLOGY portfolio.
Medivation’s approved Drug –
Medivation’s one drug on market already is called Xtandi, or enzalutamide, which the company developed with Japan’s Astellas. It’s an oral drug that used to treat is used to treat late-stage prostate cancer. It was originally approved by the FDA in 2012. Xtandi expects to generate some US $1.5 billion in annual sales by 2020.
Medivation’s Experimental Drugs –
1. Medivation’s pipeline consists of an experimental breast-cancer treatment called talazoparib, which Medivation acquired last August. The drug is also being developed as a potential as a treatment of cervical, lung, and ovarian cancers. Medivation claims the experimental drug is “best-in-class” among so-called PARP inhibitors – a new type of medicine that blocks a particular enzyme that’s used by our cells to repair DNA so that tumors can’t survive.
2. Pfizer is also get access to the Medivation’s drug is pidilizumab, which is being developed to treat blood cancers. It’s also in a late-stage trial, and it’s part of a promising new class of cancer treatments called immunotherapies.