A potential blockbuster drug deal is reportedly in the works. Several reports out today say Pfizer (PFE) is close to buying cancer drug company Medivation (MDVN) for $14 billion. It would be an all-cash deal. By acquiring Medivation, Pfizer would gain a blockbuster prostate cancer treatment. The Federal Reserve is in focus this week. Investors are already talking about Chair’s Janet Yellen speech Friday at Jackson Hole, Wyoming. Wall Street is hoping Yellen will provide some clarity on the future of interest rates. Valeant (VRX) is back in the news. The Wall Street Journal says it’s hired Paul Herendeen as its new Chief financial officer. Herendeen was previously an executive with animal health company Zoetis (ZTS). At Zoetis, he navigated the company through cost cuts, acquisitions and a brush with activist investor Bill Ackman. The Chicago Fed Activity index is reported. The Pro Farmer crop tour through the midwest begins today.
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