Pfizer buying cancer drug maker Medivation for $14 billion

Pfizer will pay about $14 billion in cash for the cancer drug company Medivation, a deal that will add the pricey late-stage prostate cancer treatment Xtandi to its oncology portfolio.The New York drugmaker said Monday that it will pay $81.50 per Medivation share. That's a 21 percent premium to the San Francisco biotech's Friday closing price of $67.19.Medivation Inc. and the Japanese drugmaker Astellas Pharma jointly market Xtandi, with Astellas selling the drug outside the U.S.Xtandi drew atte