Pfizer Inc. (NYSE: PFE) agreed to buy Medivation Inc. (Nasdaq: MDVN) in a deal that values the company at about $14 billion and leaves French drugmaker Sanofi jilted. Pfizer will pay $81.50 a share in cash, the companies said in a statement.

By acquiring Medivation, Pfizer gains a blockbuster prostate-cancer treatment, Xtandi, that’s already approved for sale in the U.S. and elsewhere, and that analysts project will generate $1.33 billion in annual sales by 2020. Pfizer chief executive officer Ian Read said in May that he was more interested in acquiring late-stage assets because the company already had plenty of early-stage drugs in the works.

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