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The Wall Street Journal: Pfizer agrees to buy cancer behemoth Medivation for $14 billion

Pfizer Inc. said Monday it has agreed to buy biotech Medivation Inc. for $81.50 a share, valuing the total company at about $14 billion, in a move that adds one of the crown jewels of the multibillion-dollar market for cancer drugs to Pfizer’s portfolio.

It ends months of bidding for San Francisco’s Medivation MDVN, -0.04% , one of the most desired independent biotechs because it sells a leading prostate-cancer drug.

Medivation’s drug, Xtandi, already generates about $2 billion in yearly sales and has potential to more than double, according to analysts.

Pfizer PFE, -0.60% said the deal will add 5 cents to earnings in the first full year after closing and isn’t expected to impact 2016 financial guidance.

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