Open Menu

Wall Street Opens Lower As Pfizer Seals Medivation Deal

Fahad Shabbir (@FahadShabbir) Published August 22, 2016 | 10:15 PM

Wall Street opens lower as Pfizer seals Medivation deal

NEW YORK, (APP - UrduPoint / Pakistan Point News - 20th August, 2016) - Wall Street stocks opened slightly lower on Monday morning as cancer drugmaker Medivation soared on the announcement of Pfizer's takeover. About ten minutes into trading, the Dow Jones Industrial Average was down 0.4 percent at 18.471.35.

The broader S&P 500 fell 0.3 percent at 2,177.

45 and the Nasdaq, where Medivation is listed, lost 0.1 percent at 5.232.06. Shares in Medivation jumped nearly 20 percent to $80.50 after Pfizer offered $14 billion, or $81.50 a share, for the company.

The deal will allow the New York-based Pfizer to market the prostate cancer medication Xtandi. Investors have focused on cancer drugs as they are among the most dependable sources of revenue for drug makers.

Related Topics

Pakistan Drugs Company York New York August Stocks 2016 Market Cancer Share Dow Jones Billion

Recent Stories

LESCO continuing indiscriminate action against pow ..

LESCO continuing indiscriminate action against power pilferers: spokesman

5 hours ago
 3 dacoits arrested, weapons recovered in Faisalab ..

3 dacoits arrested, weapons recovered in Faisalabad

5 hours ago
 APTMA seeks removal of cross subsidies from energy ..

APTMA seeks removal of cross subsidies from energy tariff

5 hours ago
 People of Hyderabad celebrate Eid Miladun Nabi

People of Hyderabad celebrate Eid Miladun Nabi

5 hours ago
 Prison staff receive professional training to upgr ..

Prison staff receive professional training to upgrade prison management skills

5 hours ago
 'Art Aur Aata' staged in Karachi

'Art Aur Aata' staged in Karachi

5 hours ago
Pink Ribbon to mark breast cancer awareness month ..

Pink Ribbon to mark breast cancer awareness month in Pakistan

6 hours ago
 Baqar decides to appoint municipal magistrates, di ..

Baqar decides to appoint municipal magistrates, directs SSWMB for recovery from ..

6 hours ago
 Baqar approves urban regeneration plan for Jamshed ..

Baqar approves urban regeneration plan for Jamshed, other old quarters

6 hours ago
 CTO lauds traffic wardens for performing best duty ..

CTO lauds traffic wardens for performing best duty wardens on Eid Milad

6 hours ago
 DC urges Tehsildars, Patwaris to ensure attendance ..

DC urges Tehsildars, Patwaris to ensure attendance for facilitating people in Ko ..

6 hours ago
 Governor's 'Bell of Hope' helps reopen complainant ..

Governor's 'Bell of Hope' helps reopen complainants showroom

6 hours ago

More Stories From World