The American pharmaceutical Pfizer announced on Monday the purchase of the biotech Seagen for 43,000 million dollarswhich will allow Pfizer to strengthen its research into cancer drugs.
Both US companies agreed to the acquisition for a price of $229 per share after having the unanimous agreement of both boards of directors.reported a statement from Pfizer.
Pfizer CEO Albert Bourla said: “Pfizer is deploying its financial resources to advance the battle against cancer, one of the leading causes of death worldwide with a significant impact on public health.” A fight that has also become a great source of income for pharmaceutical companies.
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 significantly to the achievement of Pfizer’s short- and long-term financial goals,” Bourla added.
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The Pfizer president also noted that with the purchase of Seagen both companies seek to “accelerate the next generation of advances against cancer and provide new solutions to patients by combining the power of antibody-drug conjugate (ADC) technology from Seagen with the scale and strength of Pfizer’s capabilities and experience.”
Seagen, an expert in cancer treatments
Seagen is known for having helped develop a new class of cancer treatments that have already been approved to treat various lymphomas and have shown promising results against other tumors in combination with other drugs.
The note points out that Seagen’s profit expectations for 2023 is 2.2 billion dollars, which represents a growth of 12% compared to 2022.
According to Pfizer, Its oncology section has 24 cancer drugs that have been approved by the authorities and that in 2022 generated revenues of 12.1 billion dollars.
The companies expect the transaction to be completed later this year or early 2024.
The biotechnological company already maintained contacts last year to be acquired by the pharmaceutical company Merck Sharp & Dome (MSD) in an operation valued at 40,000 million dollars, but which was never completed in the end.
After the purchase was announced, Pfizer shares fell 1.62% and Seagen shares rose 17.2% (to $202.3) in electronic trading prior to the opening of the Wall Street Stock Exchange.
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