Pfizer will offer shareholders of Medivation US $ 81.50 per share in cash, a substantial premium to an initial offer of US $ 52.50 in April by Sanofi SA .
shares of Medivation, known for its drug for prostate cancer Xtandi, rose 19% to US $ 80.01 in pre-opening Wall Street operations, just below the offer price.
Sanofi raised later its offer to US $ 58 per share in cash and three dollars per share through a practice known as right to contingent value clause related to the sales performance of Talazoparib , a drug against breast cancer is under development.
However, Medivation said in July it had agreed to share confidential information with potential buyers after Sanofi agreed to withdraw a campaign to remove . Medivation directory
Reuters had reported that Pfizer, Merck & amp; Co Inc, Celgene Corp and Gilead Sciences Inc had shown interest to acquire Medivation.
Pfizer said it expects to complete the acquisition, which was approved by the boards of both companies, in the third or fourth quarter.
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