Pfizer to acquire Seagen for $43 bn to deepen reach into treating cancer
Pfizer will spend USD 43 billion to buy Seagen and deepen its reach into treating cancer.
The pharmaceutical giant said Monday that it will pay USD 229 per Seagen share.
Together, Pfizer and Seagen seek to accelerate the next generation of cancer breakthroughs and bring new solutions to patients by combining the power of Seagen's antibody-drug conjugate (ADC) technology with the scale and strength of Pfizer's capabilities and expertise," Pfizer Chairman and CEO Dr. Albert Bourla said in a statement.
Bothell, Washington-based Seagen Inc. is a biotech drug developer. Its key products use monoclonal antibodies that bind to the surface of a tumour cell to deliver a cancer-killing agent while sparing surrounding healthy tissue.
Monoclonal antibodies are lab-made proteins delivered mostly by IV at an infusion center, according to the Cleveland Clinic.
Seagen's top seller, Adcetris, treats lymph system cancers. It brought in USD 839 million in sales last year, a 19 per cent increase over