Medivation shares jumped nearly 20 percent to close at $80.42, just shy of the offer price of $81.50 per share. Shares of Pfizer, the largest U.S. drugmaker, were down 0.4 percent at $34.84. The offer is a 55-percent premium to Sanofi SA's initial bid to buy Medivation for $52.50 per share in April, which pushed the San Francisco-based company to put itself up for sale.
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Pfizer boosts cancer drug roster with $14 billion Medivation deal
