Pfizer Completes Acquisition Of Medivation

(RTTNews) - Pfizer Inc. (PFE) announced the successful completion of its acquisition of Medivation, Inc.(MDVN). As of the tender offer expiration, 115.57 million shares of Medivation common stock were validly tendered, representing about 69.1% of the shares outstanding and have been accepted for payment under the terms of the tender offer for $81.50 per share in cash, without interest, subject to any required withholding of taxes.

In addition, notices of guaranteed delivery have been delivered for 17.66 million shares of Medivation common stock, representing approximately 10.6% of the shares outstanding. Following its acceptance of the tendered shares, Pfizer completed its acquisition of Medivation through a second-step merger. Pfizer and its wholly-owned subsidiary accepted for payment and will promptly pay for all shares validly tendered and not validly withdrawn.

Pfizer said it continues to expect the transaction to be immediately accretive to Pfizer's Adjusted Diluted EPS upon closing, approximately $0.05 accretive in the first full year after close with additional accretion and growth anticipated thereafter.

Last month, Drug major Pfizer announced that it agreed to acquire Medivation, Inc. , the developer of blockbuster prostate-cancer drug Xtandi, for $81.50 a share in cash, for a total enterprise value of approximately $14 billion.