|23 August 2016|

Pfizer has announced it is set to acquire a biopharmaceutical company – which is leading the battle against cancer – for $14 billion.

The addition of Medivation, a pioneer in the development and commercialisation of small molecules for oncology, will place Pfizer at the forefront of the industry.

“We believe the combination with Pfizer is the right next step in our growth trajectory and is a testament to the passion and dedication by which the Medivation team has delivered on our mission to profoundly transform patients’ lives through medically innovative therapies,” said Dr David Hung, founder, president and CEO of Medivation.

Medivation’s XTANDI and Pfizer’s IBRANCE brands are leading in the fight against breast and prostate cancer, two of the most common cancers, and this deal looks to build on that expertise.

“Together, we believe Pfizer and Medivation can bring the full force of our combined research and resources to combat two of the most common cancers, as well as speed cures and make accessible breakthrough medicines to patients, redefining life with cancer,” said Albert Bourla, group president, Pfizer Innovative Health.

“The proposed acquisition of Medivation will build upon Pfizer’s success with our IBRANCE® (palbociclib) launch in HR+/HER2- metastatic breast cancer and with our strong immuno-oncology portfolio, and will transform Pfizer into a leading oncology company.”