Pfizer Inc.: Medivation Acquisition Could Send Pfizer Stock Soaring
A Big Catalyst for Pfizer Stock?
Pfizer Inc. (NYSE:PFE), the pharmaceutical giant behind such elevated brands as "Viagra," has made a successful bid for Medivation Inc (NASDAQ:MDVN), with an offer of $14 billion. This is a large sum, but the acquisition of the biotech firm will add one of the top prostate cancer drugs in the market to its lineup. Nobody was surprised as Medivation stock surged, gaining 20% on August 22. Meanwhile, Pfizer stock took a minor hit in early trading, eventually stabilizing at just under $35 per share, meaning no change from Friday's.