Pfizer Acquires Medivation, Renews Biotech M&A Bets
August 22, 2016 at 14:20 PM EDT
Pfizer (NYSE: PFE) announced a $14 billion deal to acquire cancer drug developer Medivation (NasdaqGS: MDVN), propelling the broader biotechnology exchange traded funds higher on speculation of more deals in the sector. Biopharmaceutical giant Pfizer will pay Medivation shareholders $81.5 per share...