Pfizer Closes $43 Bln All-cash Acquisition Of Seagen
(RTTNews) - Pfizer Inc. (PFE) announced Thursday the successful completion of its acquisition of biotechnology company Seagen Inc. (SGEN). 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.
With the addition of Seagen's four in-line medicines, ADCETRIS (brentuximab vedotin), PADCEV (enfortumab vedotin), TIVDAK (tisotumab vedotin) and TUKYSA (tucatinib), Pfizer's industry-leading 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 leading 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).
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