Pfizer Inc. is set to acquire Seagen Inc. for $43 billion in cash in a bid to expand its cancer treatment portfolio. Seagen is a global biotechnology company that specializes in discovering, developing, and commercializing transformative cancer medicines. This acquisition will help Pfizer bring Seagen’s cancer drugs to the world on a scale never seen before, according to Pfizer CEO Albert Bourla.
Seagen is a pioneer in ADC technology, with four of the twelve total FDA-approved and marketed ADCs using its technology industry-wide. ADCs are a powerful tool designed to preferentially kill cancer cells and limit off-target toxicities across a broad range of cancers.
According to Pfizer’s press release, the deal will be financed with a combination of cash and debt. The transaction is expected to close in the second half of 2023, subject to regulatory approvals and other customary closing conditions.
Pfizer has been expanding its portfolio in recent years, especially in the field of cancer treatment. This acquisition is one of the biggest pharma deals ever, and it is expected to give Pfizer a dominant position in the ADC market.
The move comes as Pfizer faces increased competition in the cancer drug market, with other pharmaceutical giants investing heavily in cancer research. The company hopes to leverage Seagen’s expertise in cancer treatment to develop new therapies and further strengthen its position in the market.
Pfizer’s CEO has said that the company plans to bring Seagen’s drugs to a much wider audience, beyond the current geographic regions where they are available. This acquisition will give Pfizer access to Seagen’s technology, expertise, and talent pool, enabling it to accelerate the development of new cancer treatments and bring them to patients faster.
The acquisition of Seagen is a major milestone for Pfizer and marks a significant step forward in its mission to discover, develop, and bring life-saving medicines to patients around the world. With this deal, Pfizer is set to become a leader in cancer treatment, and patients with cancer may benefit from more advanced and effective therapies in the future.
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