Pfizer and Medivation have announced that they have entered into a definite merger agreement, whereby Pfizer will acquire Medivation for US$81.50 per share, equating to a total enterprise value of US$14B (approximately 18x current revenue). With this acquisition, Pfizer significantly strengthens its oncology portfolio with Medivation’s marketed prostate cancer therapy Xtandi® (enzalutamide) - co-marketed by Astellas in the US and marketed solely by Astellas elsewhere – and Medivation’s wholly-owned pipeline drugs talazoparib and pidilizumab.