Pfizer Buying Medivation in Deal Valued at About $14B

FILE - In this Monday, Nov. 23, 2015, file photo, a man enters Pfizer's world headquarters, in New York. Pfizer is buying Anacor Pharmaceuticals Inc. in a deal announced Monday, May 16, 2016. (AP Photo/Mark Lennihan, File)
In this 2015 file photo, a man enters Pfizer’s world headquarters, in New York. (AP Photo/Mark Lennihan, File)

Pfizer is buying the cancer drug company Medivation in a deal valued at about $14 billion.

Pfizer Inc. will pay $81.50 per Medivation share. That’s a 21 percent premium to the San Francisco biotech’s Friday closing price of $67.19.

Medivation Inc.’s stock soared more than 19 percent before the opening bell Monday.

The boards of both companies have approved the deal, which is targeted to close in the third or fourth quarter.