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    Traders gather at the post of Pfizer on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., August 22, 2016

    US Biotech Firm Medivation Seeks $14Bln Merger With Rival Pfizer

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    The proposed acquisition of Medivation is expected to immediately accelerate revenue growth and drive overall earnings growth potential for Pfizer, according to Pfizer Chairman and Chief Executive Officer Ian Read.

    WASHINGTON (Sputnik) — Medivation, a biopharmaceutical company focused on developing and commercializing small molecules for oncology, will be purchased for about $14 billion, the US drug company Pfizer announced in a press release on Monday.

    "The proposed acquisition of Medivation is expected to immediately accelerate revenue growth and drive overall earnings growth potential for Pfizer," Pfizer Chairman and Chief Executive Officer Ian Read said in the release.

    Medivation’s portfolio includes Xtandi, which blocks a chemical pathway in tumor growth and generated approximately $2.2 billion in worldwide net sales over the past four quarters, the release noted.

    The drug is approved for treatment advanced metastatic prostate cancer and is undergoing trials to determine its effectiveness treating other types of prostate cancers, as well as some skin and breast cancers, the release noted.

    Medivation has several other cancer drugs now in clinical trials, according to the release.

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