Pfizer has entered a definitive merger agreement to purchase biotechnology firm Seagen in a deal valued at $43bn.

Under the deal, the company would pay $229 per Seagen share in cash.

Both companies’ boards of directors have unanimously approved the transaction.

Seagen discovers, develops, and commercialises transformative cancer medicines. It is a pioneer in antibody-drug conjugates (ADCs) technology.

The company’s portfolio includes four approved medicines, including three ADCs, Adcetris (brentuximab vedotin), Padcev (enfortumab vedotin), and Tivdak (tisotumab vedotin).

Pfizer expects the proposed deal to enable combination potential across the company and Seagen pipelines.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

It is expected to enhance Pfizer’s position and complement its oncology portfolio.

The deal will also use the protein engineering and medicinal chemistry capabilities of Pfizer to advance Seagen’s ADC technology to unlock next-generation biologics and potential new target combinations.

Additionally, Seagen is advancing new technologies that can potentially generate several Investigational New Drug Applications (INDs)​, including next-generation ADC linker/payload technologies and other antibody platforms that destroy tumours, such as bi-specific antibodies by using the immune system.

Pfizer chairman and CEO Dr Albert Bourla said: “Pfizer is deploying its financial resources to advance the battle against cancer, a leading cause of death worldwide with a significant impact on public health.

“Together, Pfizer and Seagen seek to accelerate the next generation of cancer breakthroughs and bring new solutions to patients by combining the power of Seagen’s ADC technology with the scale and strength of Pfizer’s capabilities and expertise.

“Oncology continues to be the largest growth driver in global medicine, and this acquisition will enhance Pfizer’s position in this important space and contribute meaningfully to the achievement of Pfizer’s near-term and long-term financial goals.”

The company expects to fund the deal substantially through long-term debt of $31bn and the remaining from a combined short-term financing and available cash.

The transaction, subject to customary closing conditions, including Seagen stockholders’ approval and regulatory approvals, is anticipated to be concluded late this year or early next year.