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Wall Street Breakfast: Pfizer To Buy Medivation For $14B

Pfizer has agreed to acquire Medivation (NASDAQ:MDVN) for $14B, with Pfizer (NYSE:PFE) beating out rivals Celgene (NASDAQ:CELG), Gilead (NASDAQ:GILD), Sanofi (NYSE:SNY), Merck (NYSE:MRK) and AstraZeneca (NYSE:AZN). Medivation makes the leading prostate cancer drug, Xtandi, which is expected to generate $5.7B in annual revenue by 2020.

Economy

European shares and U.S. stock futures were lower at the time of writing following a broad drop in Asia overnight. A 0.3% decline in the euro versus the dollar amid speculation about when the Fed will raise interest rates had apparently boosted exporters earlier in Europe. Vice-Chairman Stanley Fischer did nothing to dispel the feeling in a speech yesterday that the Fed will increase rates sooner rather than later as he gave an upbeat assessment about the economy.

The leaders of Germany, France and Italy were due to meet on an island off the coast of Naples today to discuss how to keep the European project together in the second set of talks between the eurozone's three largest economies since Britain's vote to leave the EU. Merkel wants to cement "a better Europe" rather than forge ahead with "more Europe," Renzi wants Italy to have a strong voice in how the bloc's future is shaped post-Brexit, and Hollande wants an EU-wide investment plan to be doubled.

The Bank of Japan will not rule out deepening a cut to negative rates it introduced in February even though the controversial policy has failed to spur inflation or economic growth. "The degree of negative rates introduced by European central banks is bigger than Japan. Technically there definitely is room for a further cut," Governor Haruhiko Kuroda told the Sankei newspaper.

India has appointed Urjit Patel as its next central bank chief in...


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