The deal will combine Seagen’s technology with Pfizer’s scale and strength, Pfizer CEO Albert Bourla says in a statement
The pharmaceutical giant said Monday that it will pay $229 in cash for each Seagen share.
Pfizer’s oncology division brought in $12 billion in revenue last year and already includes treatments for prostate cancer and the breast cancer treatment Ibrance. Aside from Adcetris, Seagen also has a deal with Pfizer’s Array BioPharma to develop, make and sell the breast and colorectal cancer treatment Tukysa. It brought in $353 million in sales last year.
Pfizer recorded about $100 billion in total revenue last year and has been flush with cash thanks to sales of its COVID-19 vaccine and treatment, Comirnaty and Paxlovid.
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