Pfizer has agreed to buy biotech firm Seagen for $43 billion. Pfizer CEO Albert Bourla said Pfizer is “deploying financial resources to advance the fight against cancer.”
Seagen is a leading researcher and developer in cancer treatments. It produces several cancer drugs that are able to target tumors with a toxic agent.
Seagen currently has nine studies underway exploring different immunotherapies to fight cancer. Pfizer will acquire and expand those studies and immunotherapies if the deal obtains shareholder and federal approvals.
Pfizer expects the acquisition to be complete by the end of this year if all goes according to plan. Seagen, a growing company, is expected to increase its revenue in 2023 by 12% at $2.2 billion. Pfizer will go into debt and dip into cash to finance the $43 billion transaction, but it projects a $10 billion profit by 2030.
