(News Bulletin 247) – Pfizer and Seagen today announced that they have entered into a definitive merger agreement under which Pfizer will acquire Seagen.
This biotechnology company, which discovers, develops and markets anti-cancer drugs, will be acquired on the basis of a price of 229 dollars per share in cash, or a total enterprise value of 43 billion dollars.
The boards of directors of both companies have unanimously approved the transaction.
“Oncology remains the primary growth engine for global medicine, and this acquisition will strengthen Pfizer’s position and help achieve Pfizer’s short- and long-term financial goals,” commented Dr. Albert Bourla, CEO. from Pfizer.
Seagen expects to generate approximately $2.2 billion in revenue in 2023, a 12% year-over-year growth, from its four online drugs, royalties, and collaboration and licensing agreements.
Pfizer estimates that Seagen could contribute more than $10 billion in risk-adjusted revenue by 2030, providing significant potential growth beyond 2030.
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