Pfizer Inc (NYSE:PFE) announced it would be acquiring cancer drugmaker Seagen Inc, adding four approved cancer therapies with combined sales of nearly $2 billion in 2022 to its portfolio.
Pfizer said in a statement it will acquire Seagen for $229 per share in cash for a total enterprise value of approximately $43 billion.
Seagen expects to generate approximately $2.2 billion in revenue in 2023, representing 12% growth year-over-year, from its four in-line medicines, royalties, and collaboration and license agreements, the pharmaceutical giant noted.
Based on the strong growth trajectories of these medicines plus candidates that could emerge from Seagen’s pipeline, subject to clinical and regulatory success, Pfizer said it believes Seagen could contribute more than $10 billion in 2030.
“Pfizer is deploying its financial resources to advance the battle against cancer, a leading cause of death worldwide with a significant impact on public health,” said Pfizer CEO Dr Albert Bourla.
“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.”
Seagen shares soared 15.5% on the news at US$199.40, while Pfizer shares had added 2.2% at US$40.26 in New York on Monday morning.
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