Pfizer set to pay $14bn for cancer specialist Medivation

Oliver Gill
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Medivation was subject to two offers from French giant Sanofi (Source: Getty)

Pfizer is closing in on a deal to buy cancer drug developer Medivation for nearly $14bn.

The $80-a-share offer represents a 20 per cent premium to the San Francesco-based company's share price.

Medivation put itself up for sale earlier this year following an offer made by French pharmaceutical-giant Sanofi for $52.50 a share. A second offer was made at $58 a share.

Merck, Celgene, Gilead Sciences and Pfizer all joined the bidding party, submitting expressions of interest last week.

A deal could be announced as early as today.

Read more: Pfizer drowns Allergan sorrows with new $5.2bn acquisition

Securing the deal will bolster confidence in Pfizer after the Viagra maker failed to excite investors with an 11 per cent revenue increase that narrowly beat analysts' expectations.

Medivation has impressed of late with double-digit growth, driven by leading prostate cancer treatment Xtandi. Pfizer would be keen to gain access to Talazoparib, one of Medivation's breast cancer drugs currently under development.

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