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Pfizer to Buy Medivation for $14 Billion

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Pfizer Inc. said Monday it has agreed to buy biotech Medivation Inc. for $81.50 a share, valuing the total company at about $14 billion, in a move that adds one of the crown jewels of the multibillion-dollar market for cancer drugs to Pfizer’s portfolio.

It ends months of bidding for San Francisco’s Medivation, one of the most desired independent biotechs because it sells a leading prostate-cancer drug.

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