43 billion dollar deal – Corriere.it
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The pharmaceutical giant Pfizer will pay 43 billion dollars to buy the biotech company Seagen, which specializes in innovative anticancer therapies. The deal will be finalized by late 2023 or early 2024. The US pharmaceutical giant will pay $229 in cash for each share, a 32.7% premium over Seagen’s closing price on Friday, March 10.
Pfizer wants to expand its portfolio
Pfizer is looking to grow its portfolio of cancer treatments as it braces for a steep drop in sales of coronavirus vaccines and patent expirations for some of its best-selling treatments. The Seagen deal will add four approved cancer therapies with combined sales of nearly $2 billion in 2022. Pfizer believes Seagen could contribute more than $10 billion in revenues in 2030, with the potential for significant growth beyond 2030.
So is Seagen
Seagen, which is engaged in the research, development and commercialization of cancer therapies, is growing rapidly and sales are expected to grow 12% in 2023 to $2.2 billion. The acquisition was approved by the boards of directors of both groups. So far, the biotech has helped create a class of cancer therapies known as antibody-drug conjugates.
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