Pfizer Buys Seagen For $43 Billion, Boosts Access To Cancer Drugs
March 13, 2023 9:36AM PDT
(AP) – Pfizer is spending about $43 billion to reach deeper into new cancer treatments that target tumor cells while sparing surrounding healthy tissue.
The pharmaceutical giant said Monday it will pay $229 in cash for each share of Seagen Inc.
Pfizer CEO Albert Bourla says his company then plans to let the biotech drug developer continue innovating, except with more resources than it would have alone.
Seagen’s 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.