Deutsche Bank Shares Rise After Shakeup

ENLARGE Deutsche Bank managers held meetings and conference calls with employees in London, New York and Frankfurt, above. Photo: Martin Leissl/Bloomberg News By Jenny Strasburg and Jenny Strasburg The Wall Street Journal CANCEL Biography @jennystrasburg Google+ [email protected] Juliet Samuel Juliet Samuel The Wall Street Journal CANCEL Biography @CitySamuel [email protected] Oct. 19, 2015 1:46 p.m. ET 0 COMMENTS Deutsche Bank AG DB 2.48 % employees and investors on Monday positively graded the lender’s management and organizational overhaul, saying they welcomed clarity on how businesses will be judged going forward. They also said next week will be crucial to understanding Deutsche Bank’s

Pfizer nears $14bn takeover of Medivation

A worker tests a liquid chemical inside of a laboratory at the Pfizer Inc. research and development facility in Cambridge, Massachusetts, U.S., on Monday, Oct. 26, 2015. Pfizer is expected to report quarterly earnings on October 27. Photographer: Scott Eisen/Bloomberg©Bloomberg

Pfizer is nearing a deal worth about $ 14bn to acquire California biotechnology company Medivation, after beating out a handful of the world’s largest drug companies to win the auction.

People close to the talks said a deal between Pfizer and Medivation could be announced as early as Monday, though they cautioned that the two sides were in the process of finalising their agreement.

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Pfizer is expected to pay around a 30 per cent premium to Medivation’s closing share price at the end of last week, valuing the company at more than $ 14bn. The company beat out a number of suitors for Medivation including Celgene, Gilead and French drugmaker Sanofi.

San Francisco-based Medivation makes the world’s best-selling prostate cancer drug, Xtandi, which is forecast to generate $ 5.7bn in annual revenues by 2020.

Pfizer declined to comment and Medivation, which is being advised by JPMorgan Chase and Evercore, could not immediately be reached for comment.

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