Pfizer has announced that it will buy biotech company Seagen for $43 billion in a bid to expand its presence in cancer treatments on March 13. The pharma major will acquire Seagen for $229 per share.
The Bothell, Washington-based Seagen Inc. is a biotechnology company that is working towards creating cancer-curing medicine. The company specializes in antibody-drug technology creating lab-made proteins called monoclonal antibodies that identify cancer cells and kill them while sparing the other healthy cells around them.
Pfizer Chairman and CEO Alberta Bourla told analysts “We are not buying golden eggs, we are acquiring the goose that is laying the golden eggs”. Seagen has four products in the cancer treatment domain and its top seller Adcertics recorded sales of $839 million in 2022. The news of the acquisition sent Seagen’s stock on a 15% rally to $200. Pfizer which generated $12 billion from its cancer treatments last year is looking to deepen its reach with this latest acquisition.
© Vygr Media Private Limited 2022. All Rights Reserved.
