Pfizer Inc. has acquired Seagen Inc. for $43 billion, representing the largest purchase price for a biotechnology deal in 2023. The transaction is expected to be completed in late 2023 or early 2024.
Pfizer will pay $229 in cash for each share of Seagen and pay primarily through $31 billion in new, long-term debt. Shares of Pfizer rose 2% to $40.26 after markets opened on March 13 while Seagen’s stock soared more than 15% to nearly $200.
Seagen Inc. specializes in working with antibody-drug conjugate technology. Its key products use lab-made proteins called monoclonal antibodies that seek out cancer cells to help deliver a cancer-killing drug while sparing surrounding tissue. It also has a pipeline of drugs under development that include potential treatments for a form of lung cancer and advanced breast cancer. Seagen’s top seller, Adcetris, treats lymph system cancers and brought in $839 million in sales in 2022, a 19% increase over 2021. In 2022, Seagen reported $1.962 billion in revenue.
Pfizer is a global biopharmaceutical company that discovers, develops, manufactures and sells healthcare products. Pfizer reported approximately $100 billion in total revenue in 2022.
According to data captured in the LevinPro HC database, this acquisition represents the 36th Biotechnology acquisition of the year. Throughout 2022, 144 Biotechnology transactions were announced. This is Pfizer’s first acquisition in 2023. In 2022, it acquired ResApp Health Limited, Global Blood Therapeutics, Inc., Biohaven Pharmaceutical Holding Company Limited and ReViral Ltd.
