Medivation Agrees to Sell to Pfizer for $14 Billion

San Francisco – August 23, 2016 – Cooley is advising biopharmaceutical company Medivation on its agreement to sell to Pfizer for approximately $14 billion. The transaction is expected to close in the third or fourth quarter. Prior to the announced agreement, Cooley also advised Medivation as the target of a hostile takeover bid by Sanofi.

Medivation's portfolio includes XTANDI® (enzalutamide), an androgen receptor inhibitor that blocks multiple steps in the androgen receptor signaling pathway within the tumor cell. XTANDI is the leading novel hormone therapy in the US, generating approximately $2.2 billion in worldwide net sales over the past year. In addition, Medivation has a promising, wholly-owned, late-stage oncology pipeline, which includes two development-stage oncology assets.

Medivation has been a Cooley client since 2008.

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Press Coverage

"Pfizer to Buy Cancer Drug Maker in $14 Billion Deal," The New York Times: DealBook

"Pfizer Boosts Cancer Drug Pipeline with $14 Billion Medivation Deal," Reuters

"Pfizer to Buy Cancer Drug Firm Medivation for $14 Billion," TIME

"Pfizer is Buying Cancer Drug Maker Medivation for $14 Billion," Fortune

"News Roundup," Bloomberg BNA

"Pfizer to Buy Medivation for $14 Billion in Cash," CNBC

"Medivation Scores Premium Price in Sale to Pfizer," The Deal

"R&D Impact May be Key in Scrutiny of Pfizer Oncology Deal," Law360

"Four Firms Guide Pfizer's Latest Big Drug Buy," The American Lawyer

"Cooley, Ropes and Wachtell Lead as Pfizer Recovers from Allergan Fall-Out," The Lawyer

"Pfizer Wins Over Medivation with $14B Buyout," Law360

"2 Law Firms Dominate M&A in Languid August," Law360

"Four Bidders Battled Pfizer for Medivation," The Deal