Pfizer (PFE) 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) bid $9.3 billion for the company, only to raise its offer to $10 billion three months later. Merck (MRK) and Gilead Sciences (GILD) were among the other companies that reportedly were looking to acquire the company. Pfizer shares slipped one percent on Monday.
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