Pfizer is in advanced talks to acquire U.S.
cancer drug company Medivation for close to $14 billion, as it seeks to boost its oncology portfolio, people familiar with the matter said on Sunday.
Pfizer has agreed to pay a little more than $80 per share for Medivation, one of the people said, a substantial premium to the $52.50 offer for Medivation that France's Sanofi made in April, which eventually resulted in the company putting itself up for sale.
The deal is expected to be paid for by Pfizer in its entirety, or at least mostly, with cash, one of the people said.
The sources asked not to be identified because the negotiations are confidential.