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| Pfizer and Medivation reportedly close to $14bn deal | Pfizer and Medivation reportedly close to $14bn deal |
| (about 5 hours later) | |
| US pharmaceutical giant Pfizer is reportedly in advanced talks to buy cancer drug company Medivation for about $14bn (£10.7bn). | US pharmaceutical giant Pfizer is reportedly in advanced talks to buy cancer drug company Medivation for about $14bn (£10.7bn). |
| The Financial Times and Bloomberg were among news groups reporting that an announcement of a takeover could come early this week. | The Financial Times and Bloomberg were among news groups reporting that an announcement of a takeover could come early this week. |
| San Francisco-based Medivation produces the prostate-cancer treatment Xtandi. | San Francisco-based Medivation produces the prostate-cancer treatment Xtandi. |
| France's Sanofi had tried to buy Medivation, and Merck & Co and Celgene were also said to have considered bids. | France's Sanofi had tried to buy Medivation, and Merck & Co and Celgene were also said to have considered bids. |
| Reuters reported on Sunday that Pfizer had agreed in principle to pay about $80 per share for Medivation, a substantial premium to the $52.50 offer for Medivation that France's Sanofi made in April. | Reuters reported on Sunday that Pfizer had agreed in principle to pay about $80 per share for Medivation, a substantial premium to the $52.50 offer for Medivation that France's Sanofi made in April. |
| Pfizer's drugs portfolio includes the breast cancer treatment Ibrance and several other promising immuno-oncology products. | Pfizer's drugs portfolio includes the breast cancer treatment Ibrance and several other promising immuno-oncology products. |
| In addition to Xtandi, which is already approved for sale in the US and is forecast to generate $5.7bn in sales by 2020, Medivation has a breast cancer treatment under development, Talazoparib. | In addition to Xtandi, which is already approved for sale in the US and is forecast to generate $5.7bn in sales by 2020, Medivation has a breast cancer treatment under development, Talazoparib. |
| Medivation was founded in 2004. Its share price has more than doubled in the past six months on takeover talk. | |
| In April, Pfizer scrapped a planned merger with Ireland's Allergan after the deal hit trouble because of plans to change US tax laws. | In April, Pfizer scrapped a planned merger with Ireland's Allergan after the deal hit trouble because of plans to change US tax laws. |
| The US Treasury had announced plans to prevent deals known as "inversions", where a US firm merges with a company in a country with a lower tax rate. | The US Treasury had announced plans to prevent deals known as "inversions", where a US firm merges with a company in a country with a lower tax rate. |
| The Pfizer-Allergan deal, valued at $160bn, would have been the biggest example of an "inversion". | The Pfizer-Allergan deal, valued at $160bn, would have been the biggest example of an "inversion". |
| It would also have been the biggest pharmaceutical deal in history. | It would also have been the biggest pharmaceutical deal in history. |