August 2016: Pfizer Seals $14 Billion Deal

Updated August 5, 2020 | Infoplease Staff

U.S. News | Disasters & Science News

Here's a slideshow depicting the major science and disaster news events of August 2016.

Pfizer Seals $14 Billion Deal
the Pfizer flag flies in front of world headquarters in New York
On August 22, 2016, Pfizer announces the purchase of the San Francisco biotech company Medivation Inc. for $14 billion. Medivation Inc. sells a prostate cancer drug, Xtandi, that has made over $2 billion in net sales worldwide over the last year. Xtandi attracts the attention of many large pharmaceutical companies since it is also being tested for breast cancer treatment. Medivation Inc. has two other drugs—talazoparib and pidilizumab—that need to be taken to the next stages of development so patients can have access to them. Dr. David Hung, Medivation's founder and CEO, believes Pfizer is the ideal company to partner with during this process.
Photo source: AP Photo/Mark Lennihan, File
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