Pharmaceutical giant Pfizer announced Monday that it has agreed to acquire Medivation in a $14 billion deal that would add a blockbuster drug to its cancer pipeline.

Medivation, a San Francisco biopharmaceutical company, has been highly sought after in recent months. Its flagship product, Xtandi, is a prostate cancer treatment that generated $2.2 billion in sales over the past four quarters and has been projected to be one of the top-10 cancer drugs in 2021. Xtandi, which is being co-developed and marketed by Medivation and Astellas Pharma, has also generated criticism for its high price.

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