Pfizer Inc. has announced the completion of its acquisition of Seagen Inc., marking a significant expansion in its commitment to oncology. Pfizer purchased all outstanding common stock of Seagen for $229 per share, culminating in a total enterprise value of approximately $43 billion.

Dr. Albert Bourla, Pfizer’s Chairman and CEO, stated that cancer remains a leading cause of death, and the acquisition represents a strategic effort to advance cancer treatments and improve patient outcomes significantly. Pfizer’s robust investment in Seagen aims to leverage the biotechnology company’s leading Antibody-Drug Conjugate (ADC) technology, along with Pfizer’s own capabilities and expertise, to revolutionize cancer therapy.

Seagen’s expertise in ADC technology—a method that delivers treatment directly to cancer cells while minimizing damage to healthy tissue—will enhance Pfizer’s extensive oncology portfolio. This portfolio now includes over 25 approved medicines and biosimilars, covering more than 40 indications, with nine medicines having blockbuster potential.

Doubling the size of Pfizer’s Oncology pipeline, with 60 programs now in play, the acquisition of Seagen broadens Pfizer’s research across various modalities, including ADCs, small molecules, bispecifics, and immunotherapies. Pfizer plans to develop Seagen’s ADC technology further, exploring new combination therapies and biologic advancements.

Chris Boshoff, the newly appointed Chief Oncology Officer and Executive Vice President at Pfizer, expressed optimism about the merger’s potential benefits for people living with cancer, as Pfizer and Seagen jointly aim to expedite the delivery of innovative cancer treatments.

Additionally, Pfizer highlighted its response to the U.S. Federal Trade Commission’s concerns by committing to an irrevocable donation of Bavencio® (avelumab) royalties in the U.S. to the American Association for Cancer Research (AACR). This action supports the AACR’s mission to further cancer research and develop cures through various initiatives.

The financial and legal advisory roles for this transaction involved Guggenheim Securities, LLC, Wachtell, Lipton, Rosen & Katz, Arnold & Porter Kaye Scholer LLP for Pfizer, and Centerview Partners LLC, Sullivan & Cromwell LLP for Seagen, with additional support from MTS Health Partners.

Source link: http://www.businesswire.com/news/home/20231213759493/en/Pfizer-Completes-Acquisition-of-Seagen

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Ferry Darma
Ferry Darma is Director of Media Relations at The Clinical Trial Vanguard. Ferry, a computer data scientist, focuses on the latest clinical trial industry news and trends.