Pfizer acquiring Medivation

Pfizer Inc. (NYSE:PFE) is acquiring Medivation Inc. (NASDAQ:MDVN) for $81.50 per share in cash, or about $14 billion. Medivation had negotiated with multiple parties after it rejected unsolicited bids from Sanofi (Euronext:SAN; NYSE:SNY) that Medivation said undervalued the company (see BioCentury Extra, July 5).

The price is a 21% premium to Medivation's close Friday of $67.16, and is 15% above its all-time intraday high of $70.79 in March 2015. The price is a 118% premium to the company's March 30 close of $37.39, before rumors surfaced that it had hired JPMorgan to fend off unsolicited takeover offers. ...