Pfizer signs $43 billion Seagen deal in cancer drug push

Source: Reuters

“Pfizer Inc on Monday struck a roughly $43 billion deal for Seagen Inc to bulk up its cancer treatments portfolio, as the drugmaker braces for a steep fall in COVID-19 product sales and loss of exclusivity for some top sellers. The deal, Pfizer’s biggest in a string of acquisitions after a once-in-a-lifetime cash windfall from its COVID-19 vaccine and pill, will add four approved cancer therapies with combined sales of nearly $2 billion in 2022. Pfizer will pay $229 in cash per Seagen share, a 32.7% premium to Friday’s closing price. The offer is also a nearly 42% premium to the stock’s close on Feb. 24, a day before the Wall Street Journal first reported on a possible deal.” (03/13/23)