NEW: Pfizer said it has agreed to buy cancer drugmaker Seagen for $43 billion in cash. It's the largest pharma deal since Abbvie bought Allergan in 2020.
It also reflects how Pfizer is using its COVID vaccine fortune to bolster its other businesses.Pfizer will pay $229 per share in cash, representing a 32.7% premium to where Seagen shares closed trading last Friday.Pfizer's largest oncology asset, breast cancer drug Ibrance, has been on decline.
Collaboration revenue around Astellas-shared prostate cancer med Xtandi has been flat. And Pfizer's commercial and pipeline portfolios lack new star products that could move the market ... Seagen is an attractive target with four commercial medicines and many more likely coming in its deep pipeline full of antibody-drug conjugate candidates."
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