The daily business briefing: August 22, 2016

Pfizer agrees to buy Medivation for $14 billion, ChemChina clears a key hurdle, and more

Pfizer's logo
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1. Pfizer agrees to $14 billion deal to acquire Medivation

Pfizer has sealed a deal to buy U.S. biotech Medivation for $14 billion, the companies announced Monday. Pfizer beat out French drug maker Sanofi, which courted Medivation for months. Pfizer has been trying to use acquisitions to make up for slowing sales of older drugs. Buying Medivation would give Pfizer a blockbuster prostate-cancer treatment, Xtandi, that has been approved, and is projected to generate $1.3 billion in sales by 2020.

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