According to media reports, Pfizer will acquire cancer drug manufacturer Seagen for $43 billion. This is Pfizer’s largest acquisition since acquiring Wyeth for $67 billion in 2009. Pfizer hopes that this deal will increase the number of cancer treatment options in its portfolio.
This Washington-based company is a pioneer in developing new types of drugs that target cancer cells precisely while preserving healthy cells. Pfizer’s competitor, Merck, had deep discussions about acquiring Seagen last year, but the deal fell through due to antitrust issues.
Pfizer has been seeking acquisitions to offset the significant decline in revenue due to the expiration of some of its top drug patents. Seagen’s sales are expected to exceed $10 billion by 2030.
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