Swiss pharmaceutical company Pfizer (NYSE:PFE) are in talks to acquire Medivation Inc in order to boost their oncology offerings.

Medivation has seen several takeover offers from pharmaceutical companies globally, including Merck & Co Inc and Gilead Sciences Inc. Pfizer is reported to be offering just over $80 per share for Medivation, a significant increase on Sanofi’s offer of $52.50 back in April.

Pfizer is already a market leader in cancer treatment, and a takeover of Medivation will give them access to Medivation’s prostate cancer drug Xtandi, as well as the breast cancer treatment Talazoparib, which is still under development.

Medivation (NASDAQ:MDVN) shares were up over 20 percent at close on Friday.

22/08/2016