NEW YORK (AP) — Pfizer is buying the cancer drug company Medivation in a deal valued at about $14 billion.

Pfizer Inc. will pay $81.50 per Medivation share. That's a 21 percent premium to the San Francisco biotech's Friday closing price of $67.19.

Medivation Inc.'s stock soared more than 19 percent before the opening bell Monday.

The boards of both companies have approved the deal, which is targeted to close in the third of fourth quarter.