Monday, August 22, 2016

Pfizer Seeks Quick Profits From Cancer Drugs

The world's largest drugmaker,Pfizer,has purchased Medivation for 14 billion dollars,or about 81.50 a share.It's expected to be immediately accretive,adding about .05 a share in the first full year after close with additional accretion and growth anticipated thereafter,Pfizer said.It may vault the New York-based firm into a leading position in oncology.*
The addition of Medivation will strengthen Pfizer's Innovative Health business and accelerate its pathway to a leadership position in oncology,one of our key focus areas,which
we believe will drive greater growth and scale of that business over the long-term,said Pfizer CEO Ian Read.*
The big prize for Pfizer was Medivation's drug XTANDI,an androgen receptor-which blocks multiple steps in the androgen reception signaling pathway within the tumour cell of advanced metastatic prostrate cancer,XTANDI has generated about 2.2 billion in worldwide net sales the past four quarters.Other Medivation prospects in the pipeline include two development stage oncology assets,tulazuparib for breast cancer and pidilmizumab for large B cell lymphoma and other blood cancers.*
Cancer is the second leading cause of death in the US and in the top 10 of killers worldwide,Pfizer pointed out.*
Meivation (MEDI);Pfizer (PFE)

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