Pfizer Purchases Biotech Company Seagen for $43 Billion in Effort to Improve Cancer Treatment
For $43 billion, Pfizer will buy the cancer treatment company Seagen Biotech.
According to Pfizer CEO Albert Bourla, the corporation is
advancing the fight against cancer with the help of its financial resources.
One of the biggest pharmaceutical companies in the world, Pfizer, has announced that it will pay $43 billion to acquire Seagen, a biotech company that specializes in cutting-edge cancer treatments.
Through the
agreement, Pfizer will be able to strengthen its position in the field of
oncology and use its financial resources to advance the fight against cancer.
With a 12 percent rise in sales anticipated this year to
$2.2 billion, Seagen is a pioneer in the research, development, and marketing
of cancer medicines. Major drugmakers have taken notice of the company's work
on antibody-drug conjugates (ADCs), which are intended to preferentially
destroy cancer cells.
Subject to shareholder and regulatory clearances, the
acquisition is anticipated to close later this year or in the first quarter of
2024. As per the terms of the agreement, Pfizer will pay $229 per share in
cash. The Biden administration has been working to keep medicine prices low, so
the merger would also need to undergo stricter scrutiny from antitrust
officials.
A portfolio of 24 novel cancer drugs authorized by Pfizer
Oncology is expected to produce $12.1 billion in revenue in 2022. Pfizer's
early-stage oncology clinical pipeline would treble as a result of the Seagen
purchase, placing the business at the forefront of cutting-edge cancer
treatment. Chris Boshoff, Chief Development Officer of Oncology and Rare
Disease at Pfizer, stated that the integration of Seagen's cutting-edge ADC
technology would place us at the forefront of cutting-edge cancer treatment.
The planned merger with Pfizer, according to Seagen CEO
David Epstein, "is the proper next step for Seagen to advance its
strategy." Three ADC-containing medications are part of the company's
portfolio, including Padcev, which is used to treat urothelial carcinoma. In
order to treat patients with advanced bladder cancer who are ineligible for
chemotherapy, the US Food and Drug Administration is considering mixing Merck's
Keytruda with Padcev.
Pfizer anticipates funding the transaction with $31
billion in additional long-term debt, along with a mix of short-term borrowing
and cash on hand. Moreover, according to the business, Seagen may generate
risk-adjusted revenues of over $10 billion in 2030, with room for further
expansion.
According to Pfizer CEO Albert Bourla, "the cancer
sector continues to be the leading growth engine in global medicine," and
this purchase will strengthen Pfizer's position in this crucial industry.
Pfizer's agreement with Seagen is a key step in its efforts to improve its
standing in the cutthroat oncology sector and offer cutting-edge cancer
therapies to patients all over the world.
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