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Pfizer (PFE) Stock Earnings Estimates Raised at Jefferies on $14 Billion Medivation Deal

NEW YORK (TheStreet) -- Jefferies raised its 2016 earnings estimates for Pfizer (PFE) to $2.45 per share from $2.43 per share this morning, following the Brooklyn-based pharmaceutical company's announcement that it would purchase Medivation (MDVN) for $14 billion.

Earlier this week, Pfizer announced it would acquire the San Francisco-based cancer drugmaker in a deal that values Medivation at $81.50 per share.

"We believe that MDVN will help to strengthen oncology at PFE, and provide an earnings bridge through the US Viagra and Lyrica LOEs," Jefferies said in their analyst...