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Pfizer Said Close to $14 Billion Deal to Acquire Medivation

  • Pfizer would expand portfolio with prostate cancer drug
  • French drugmaker Sanofi’s ambitions would suffer setback

Pfizer Inc. is close to an agreement to buy Medivation Inc. for about $14 billion, people familiar with the situation said.

The deal may be announced as early as Monday, said the people, who asked not to be identified. The biotech company’s shares closed at $67.16 on Friday, giving it a market value of $11.1 billion.

Pfizer has been relying on new branded treatments, including cancer drugs, to boost revenue, as sales of older medicines have slowed. In August, the New York-based company reported earnings that beat expectations after sales of breast cancer treatment Ibrance were better than analysts’ estimates.

Pfizer spokeswoman Joan Campion declined to comment. Medivation representatives didn’t...