Pfizer to pay $14 billion for Medivation, whose drug Xtandi was discovered by UCLA

Through the deal, Pfizer gains a drug that has generated about $2.2 billion in net sales worldwide over the last year.

Pharmaceutical giant Pfizer Inc. is paying $14 billion to buy Medivation Inc., a San Francisco biotech company that sells a high-priced prostate cancer medication discovered by UCLA.

A year’s worth of the drug, Xtandi, sells for about $129,000, and the medicine has generated about $2.2 billion in net sales worldwide over the last year, the companies said Monday in announcing the deal…

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