Pfizer Is Buying Medivation for $14 Billion

Pfizer (PFE) - Get Report confirmed its $14 billion acquisition of cancer drugmaker Medivation (MDVN) on Monday. The move is expected to bolster Pfizer's oncology exposure. Pfizer wasn't the only company looking to purchase Medivation. Back in April, Sanofi (SNY) - Get Report bid $9.3 billion for the company, only to raise its offer to $10 billion three months later. Merck (MRK) - Get Report and Gilead Sciences (GILD) - Get Report were among the other companies that reportedly were looking to acquire the company. Pfizer shares slipped one percent on Monday.