Money briefs: Pfizer to pay $19b for biopharma Medivation

Pfizer to pay $19b for biopharma Medivation

NEW YORK • Pfizer agreed to buy Medivation for about US$14 billion (S$19 billion), gaining a blockbuster prostate-cancer treatment and leaving French drugmaker Sanofi jilted.

Pfizer will pay US$81.50 a share in cash, the companies said in a statement yesterday. Shares of Medivation climbed in early US trading.

By acquiring Medivation, Pfizer gets Xtandi, a cancer drug that is already approved for sale in the United States and elsewhere, and that analysts project will generate US$1.33 billion in annual sales by 2020.

BLOOMBERG


Chinese investors buy Media.net in $1.2b deal

NEW YORK • A group of Chinese investors said it is acquiring ad-tech start-up Media.net for about US$900 million (S$1.2 billion) in cash, with plans to sell it eventually to an obscure telecommunications firm whose shares were suspended from trading from last year.

Media.net, which is based in Dubai and New York, says this is the third-largest ad-tech acquisition in history. The company provides the technology powering contextual ads offered by Yahoo! Inc and Microsoft's Bing search engine. The system is similar to one offered by Google, choosing which ads to show based on the content of a Web page.

BLOOMBERG

A version of this article appeared in the print edition of The Straits Times on August 23, 2016, with the headline 'Money Briefs'. Print Edition | Subscribe