Pfizer acquires Seagen in $43bn deal
Updated: Apr 12, 2023
Words by GOLD newsdesk
Pfizer has acquired Seagen in a $43bn merger agreement, its largest purchase in a series of recent acquisitions, it was announced on Monday 13 March.
“Pfizer is deploying its financial resources to advance the battle against cancer,” said Albert Bourla, Pfizer Chairman and Chief Executive Officer, “a leading cause of death worldwide with a significant impact on public health.”
A highly attractive target for Pfizer, Seagen, a Washington-based global biotechnology company developing transformative cancer medicines, brings four commercial drugs to the company’s oncology portfolio as well as a pipeline of antibody-drug conjugate candidates under review.
“Together, Pfizer and Seagen seek to accelerate the next generation of cancer breakthroughs and bring new solutions to patients,” said Bourla. This will be achieved by combining Seagen’s antibody-drug conjugate technology with Pfizer’s strong capabilities and expertise. The two companies are hoping their partnership will make “a meaningful difference in people’s lives”, according to David Epstein, CEO, Seagen.
The merger will also enhance Pfizer's position in the oncology space. Pfizer Oncology currently has a portfolio of 24 approved innovative cancer medicines focused on four key areas: breast cancer, genitourinary cancer, haematology and precision medicine. Joining with Seagen will double Pfizer's early-stage clinical oncology pipeline. “Oncology continues to be the largest growth driver in global medicine,” Bourla noted.
The transaction is expected to be completed in late 2023 or early 2024.