US pharmaceutical giant Pfizer has confirmed its takeover of Medivation, for an agreed price of $14 billion.

Pfizer will pay $81.50 per share for Medivation, 21 percent above the firm’s share price as of last Friday and above the $80 expected in previous reports.

Ian Read, chairman and chief executive officer of Pfizer, commented on the announcement:

“The proposed acquisition of Medivation is expected to immediately accelerate revenue growth and drive overall earnings growth potential for Pfizer.

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