Pfizer will spend $43 billion to buy Seagen and deepen its reach into treating cancer. The pharmaceutical giant said Monday that it will pay $229 per Seagen share.
Bothell, Washington-based Seagen Inc. is a biotech drug developer that specializes in antibody-drug conjugate, or ADC, 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 healthy tissue.
Seagen, which changed its name from Seattle Genetics in 2020, saw total revenue grow about 25% last year to nearly $2 billion. The company shaved its loss to $610 million last year. That’s down from $674 million in 2021. Seagen also saw sales grow 33% to $451 million last year for Padcev, which treats some cancers of the urinary tract, including the bladder. The drugmaker is developing and selling that treatment with Astellas Pharma Inc.
Bourla said earlier this year that the company planned to use its “extraordinary firepower” to buy products that will deliver $25 billion in incremental revenue by 2030.
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