Pfizer will pay pay $229 a share in cash for the cancer specialist.
AP News reported Pfizer is set to acquire Seagen for $43 billion in cash, allowing the pharmaceutical giant to extend its reach into new cancer treatments that target tumor cells while sparing surrounding healthy tissue. Seagen specializes in antibody-drug conjugate (ADC) technology, with four treatments on the market and a pipeline of drugs under development, including potential treatments for a form of lung cancer and advanced breast cancer.
The acquisition will allow Pfizer to expand its oncology presence, a priority for the company, with Seagen's contributions expected to extend beyond the end of the decade. The deal is expected to be completed in late 2023 or early 2024.
New York-based Pfizer Inc. has already spent $11.6 billion on migraine treatment developer Biohaven, $5.4 billion on sickle cell disease treatment maker Global Blood Therapeutics, and also purchased Arena Pharmaceuticals for another $6.7 billion. CEO Albert Bourla stated earlier this year that the company planned to use its “extraordinary firepower” to buy products that will deliver $25 billion in incremental revenue by 2030.