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Big Law

Pfizer Buys Cancer Drugmaker Seagen for $43 Billion

Pfizer on Monday struck a roughly $43 billion deal for Seagen to bulk up its cancer treatment 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 largest since its $67 billion acquisition of Wyeth in 2009, will add four approved cancer therapies with combined sales of nearly $2 billion in 2022.

Pfizer said it would 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.

Read the source article at cnbc.com

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