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.