Pfizer Inc. has offered $43 billion in cash to buy Seagen Inc., a biotechnology company based in Seattle that focuses on monoclonal antibody-based therapies. The company has had success with drug approvals for a variety of cancers, including Hodgkin lymphoma.
With the success of its COVID-19 vaccine, Pfizer’s revenue has grown exponentially over the past few years, which has led the company to expand into several other areas of medicine, including sickle cell disease, immune diseases, respiratory syncytial virus, and migraine therapy.
“Together, Pfizer and Seagen seek to accelerate the next generation of cancer breakthroughs and bring new solutions to patients by combining the power of Seagen’s antibody-drug conjugate technology with the scale and strength of Pfizer’s capabilities and expertise,” said Albert Bourla, PhD, Pfizer chairman and CEO.
The deal is expected to be finalized late this year or in early 2024.