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FirstFT – Big project spending slumps, the great British Olympic triumph and why we fear narcissism

Summary:
Sign up to receive FirstFT by email here Pfizer is nearing a deal worth about bn to acquire California biotechnology company Medivation, beating a handful of its biggest rivals to win the auction for the sought-after cancer drugmaker. People close to the talks said a deal between Pfizer, the world’s second-largest drugmaker, and Medivation could be announced as early as Monday, though they cautioned that the two sides were in the process of finalising their agreement. San Francisco-based Medivation makes the world’s best-selling prostate cancer drug, Xtandi, which is forecast to generate .7bn in annual revenues by 2020. The deal would mark the return of Pfizer to big-ticket dealmaking after its attempt to buy Dublin-based Allergan for 0bn was thwarted by the Obama administration, which wanted to stop the company moving its headquarters to Ireland, with its low-tax regime. In the news ChemChina clears Syngenta takeover hurdle Shares in Syngenta jumped 12 per cent on Monday after a US committee scrutinising national security concerns approved ChemChina’s bn takeover of the Swiss agribusiness. Investors had seen US worries about national security in a strategically important sector as the main obstacle to a successful transaction — leading to Syngenta’s shares trading at a significant discount to the offer price.

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Bryan Harris
Bryan Harris is a lead writer at Financial Times. He is a Hong Kong-based journalist with a penchant for international crime stories.

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