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		</div><p>Pfizer is to acquire cancer drug company Medivation in a deal valued at about US$14bn.</p>
<p>Medivation is best known for cancer treatment Xtandi, which it jointly markets with Japanese drug maker Astellas Pharma.</p>
<p>Pfizer will pay $81.50 per Medivation share, which is a 21% premium on the biotech firm&#8217;s closing price of $67.19.</p>
<p>The boards of both companies have approved the deal, which is expected to close in the third or fourth quarter.</p>
<p>Pfizer chairman Ian Read said: &#8220;The proposed acquisition of Medivation is expected to immediately accelerate revenue growth and drive overall earnings growth potential for Pfizer.</p>
<p>&#8220;This transaction is another example of how we are effectively deploying our capital to generate attractive returns and create shareholder value.&#8221;</p>
<p>Pfizer added that Medivation also has a promising pipeline of cancer drugs in late-stage clinical development, including the potential breast cancer treatment talazoparib and a lymphoma drug.</p>
<p>The deal comes last month after Medivation rejected a $9.3bn takeover bid from the French drug maker Sanofi, saying that offer, worth $52.50 per share, undervalued the company.</p>
<p>According to its website, Pfizer employs approximately 3,200 people in six sites across Ireland.</p>
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