has to purchase biotechnology firm in a deal valued at $43bn.
Under the deal, the company would pay $229 per Seagen share in cash.
Both companies鈥� 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鈥檚 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.
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By GlobalDataIt is expected to enhance Pfizer鈥檚 position and complement its oncology portfolio.
The deal will also use the protein engineering and medicinal chemistry capabilities of Pfizer to advance Seagen鈥檚 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)鈥�, 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: 鈥淧fizer is deploying its financial resources to advance the battle against cancer, a leading cause of death worldwide with a significant impact on public health.
鈥淭ogether, Pfizer and Seagen seek to accelerate the next generation of cancer breakthroughs and bring new solutions to patients by combining the power of Seagen鈥檚 ADC technology with the scale and strength of Pfizer鈥檚 capabilities and expertise.
鈥淥ncology continues to be the largest growth driver in global medicine, and this acquisition will enhance Pfizer鈥檚 position in this important space and contribute meaningfully to the achievement of Pfizer鈥檚 near-term and long-term financial goals.鈥�
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鈥� approval and regulatory approvals, is anticipated to be concluded late this year or early next year.
