Pfizer to acquire US biotech firm Seagen for $43 billion to accelerate fight against cancer
Pfizer to acquire US biotech firm Seagen for $43 billion to accelerate fight against cancer
Pfizer on Monday announced a deal to buy Seagen Inc in a $43 billion deal that brings together one of the world's top US-based pharmaceutical companies and the American biotech firm pioneering cancer medicines.
“Pfizer is deploying its financial resources to advance the battle against cancer, a leading cause of death worldwide with a significant impact on public health,” said Dr. Albert Bourla, Pfizer Chairman and Chief Executive Officer.
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As Pfizer is now all set to acquire Seagen, the combined strength is seen to be benefitting Pfizer's position on oncology.The acquisition will further bring together the power of Seagen’s antibody-drug conjugate (ADC) technology with the scale and strength of Pfizer’s capabilities and expertise.
According to Seagen's statement, the company has led the way in novel cancer therapeutics for over 20 years as well as discovering safe and effective solutions to challenging clinical needs.
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Pfizer has acquired the company for $229 per Seagen share in cash. The Boards of Directors of both companies have unanimously approved the transaction, as per the statement.
US giant Pfizer expects to achieve nearly $1 billion in cost efficiencies in the third full year after the completion of the transaction. The completion of the transaction is expected to be achieved by late 2023 or early 2024.
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"Oncology continues to be the largest growth driver in global medicine, and this acquisition will enhance Pfizer’s position in this important space and contribute meaningfully to the achievement of Pfizer’s near- and long-term financial goals," Bourla said.Seagen expects to generate approximately $2.2 billion of revenue in 2023.
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