PFIZER BUYS DRUG COMPANY
Medivation is a biotech company that manufactures drugs designed to fight cancer. One of their most renowned products is Xtandi, which fights prostate cancer. The company has been performing extremely well on Wall Street, showing shares that are up 40% for the year so far. Pfizer’s deal has it paying approximately $81 per share, bringing the total up to about $14 billion for the entire company. While this deal went through successfully, Pfizer had already had merger plans blocked once previously due to new regulations which prevented “inversion”, a corporate tactic of reducing taxes.