Pfizer Spends $43m on Oncology Driven Seagen MergerPharmaceutical
A formal merger contract between Pfizer and Seagen was confirmed by the two companies yesterday. Under the terms of the deal, Pfizer will pay $43 billion to obtain Seagen, a multinational biotechnology business that identifies, manufactures, and commercialises innovative cancer treatments. The purchase has been authorized in full agreement by both boards of directors.
CEO of Pfizer, Dr. Albert Bourla, said that “Pfizer and Seagen seek to accelerate the next generation of cancer breakthroughs” and develop innovative “solutions by combining Seagen’s antibody-drug conjugate (ADC) technology with Pfizer’s capabilities and expertise.”
“A formal merger contract between Pfizer and Seagen was confirmed by the two companies yesterday“
In 2023, Seagen projects sales of around $2.2 billion, or 12% more than the previous year.
Pfizer predicts that Seagen's risk-adjusted sales by the end of the decade could exceed $10 billion, with room for considerable future expansion.
Four out of the dozen ADCs that have been authorised by the FDA and sold to date use Seagen's technology, making it a leader in the field. Their product portfolio currently has four authorised medications.
Pfizer Oncology offers a market-leading product range of 24 cancer treatments that earned $12.1 billion in sales last year. Pfizer's drug candidates for initial clinical cancer trials could increase twofold as a result of the planned merger with Seagen.
The deal is anticipated to be finished towards the end of 2023 or the start of 2024.
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