The waiting period relating to the Pfizer Inc. (NYSE:PFE) pending acquisition of Medivation, Inc. (NASDAQ:MDVN) has already expired last week as per the amended Hart-Scott-Rodino Antitrust Improvements Act of 1976. Consequently, the company expects the transaction to be fulfilled in the third quarter, subject to regulatory requirements.
Medivation Acquisition
Last month, Medivation had agreed to Pfizer’s acquisition proposal under a cash tender offer of about $14 billion or $81.50 per share. The deal has already been approved unanimously by both Boards of Directors.
Ian Read, Pfizer CEO, believes that the acquisition will immediately boost Pfizer’s revenue growth. Moreover, it will solidify Pfizer Innovative Health and the company’s growing position when it comes to oncology. Read has boasted that the latest merger and acquisition (M&A) effort reiterates the pharmaceutical giant’s commitment to enhanced shareholder value.
Medivation’s Addition to Pfizer
The addition of Medivation to Pfizer’s growing core business will primarily enrich its product portfolio. Some of Medivation’s leading products include androgen receptor inhibitor XTANDI (enzalutamide), which has already generated more than $2 billion around the world in the last four quarters. XTANDI has been approved by the US Food and Drug Administration (FDA) for the treatment of advanced metastatic prostate cancer in 2012. It is currently jointly commercialized in the US by Medivation and Astellas Pharma, Inc.
Medivation also has a developed late-stage oncology drug pipeline, which includes talazoparib and pidilizumab. Currently, talazoparib is undergoing a Phase 3 clinical trial for the treatment of BRCA-mutated breast cancer. Meanwhile, pidilizumab is presently being studied for the treatment of diffuse large B-cell lymphoma.
Pfizer has closed Wednesday’s session at $33.83. The stock has touched an intraday high of $33.88 and an intraday low of $33.48. Presently, it has a 12-month high of $37.39 and a 12-month low of $28.25.
Meanwhile, Medivation has reached an intraday high of $81.48 and an intraday low of $81.43 on Wednesday before closing at $81.44. The stock currently holds a 12-month high of $81.48 and a 12-month low of $26.41.