Pfizer to Raise $31 Billion in Debt Offering to Fund Proposed Acquisition of Seagen

Pfizer plans to raise $31 billion through a debt offering to fund its proposed acquisition of cancer drug maker Seagen, for what would be its largest takeover since 2009, according to a new filing with the Securities and Exchange Commission.

Pfizer expects to complete the $43 billion Seagen buyout later this year or in early 2024.

The debt offering is expected to close Friday, according to a prospectus supplement New York-based Pfizer filed with the SEC late Tuesday.

The pharma giant’s debt offering would be the biggest since CVS Health sold $40 billion of bonds in 2018 to finance its acquisition of health insurer Aetna.

Read the source article at cnbc.com