Investing
Pfizer inks $43 billion Seagen deal to boost cancer portfolio
© Reuters. FILE PHOTO: The Pfizer logo is pictured on their headquarters building in the Manhattan borough of New York City, New York, U.S., November 9, 2020. REUTERS/Carlo Allegri
(Reuters) – Pfizer Inc (NYSE:) on Monday struck a roughly $43 billion deal for Seagen Inc to bulk up its cancer treatment portfolio, as the drugmaker braces for a steep fall in COVID-19 product sales and loss of exclusivity for some top sellers.
The deal, Pfizer’s largest since its $67 billion acquisition of Wyeth in 2009, will add four approved cancer therapies with combined sales of nearly $2 billion in 2022.
Analysts expect that sales to double by 2025, according to Refinitiv data.
Pfizer has offered $229 in cash per Seagen share, a 32.7% premium to Friday’s closing price.
Shares of Seagen were up 23% before the bell.
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