Pfizer Inc. (NYSE: PFE) completed the acquisition of Seagen Inc. (NASDAQ: SGEN), a Bothell, Washington-based biotechnology company that discovers, develops and commercializes transformative cancer medicines.
Pfizer completed its acquisition of all outstanding common stock of Seagen for $229 in cash per share, for a total enterprise value of approximately $43 billion.
Seagen is a world-leader in ADC technology, a modality that is emerging as a tool across a broad range of cancers designed to preferentially kill cancer cells and limit off-target toxicities. With the addition of Seagen’s four in-line medicines, ADCETRIS® (brentuximab vedotin), PADCEV® (enfortumab vedotin), TIVDAK® (tisotumab vedotin) and TUKYSA®(tucatinib), Pfizer’s Oncology portfolio now includes over 25 approved medicines and biosimilars across more than 40 indications, including nine medicines that are either blockbuster or have the potential to be blockbuster.
With the addition of Seagen, Pfizer’s Oncology pipeline has doubled in size with 60 programs spanning multiple modalities, including ADCs, small molecules, bispecifics and other immunotherapies. Moving forward, Pfizer will leverage its protein engineering and medicinal chemistry capabilities to advance Seagen’s ADC technology, unlocking potential novel combinations and next-generation biologics.
As previously disclosed, to address U.S. Federal Trade Commission concerns, Pfizer has chosen to irrevocably donate the rights of royalties from sales of Bavencio® (avelumab) in the U.S. to the American Association for Cancer Research (AACR). This unrestricted donation will support AACR in its mission to prevent and cure cancer through research, education, communication, collaboration, science policy, and funding for cancer research.
FinSMEs
14/12/2023