Pfizer’s €12bn deal hints at change

Pfizer has clinched the purchase of US cancer drug company Medivation in a deal valued at about $14bn, (€12.4bn) adding blockbuster prostate cancer drug Xtandi to its portfolio.

The deal comes four months after Pfizer and Botox-maker Allergan — which is based in Ireland — scrapped their $160bn merger.

That deal was enveloped in controversy amid the US presidential election as it was driven by so-called ‘tax inversion’ considerations.