Pfizer Inc struck a $43 billion deal for Seagen Inc to add innovative targeted therapies to its portfolio of cancer treatments as it braces for a steep fall in COVID-19 product sales and stiff competition for some top sellers.
A focus on complex biotech medicines also provides a longer exclusivity on the market versus pills before becoming subject to government price limits under the IRA, he said.
Pfizer will pay $229 in cash per Seagen share, a 32.7% premium to Friday's closing price. Seagen's shares rose to $200 in early trading. The drugmaker expects more than $10 billion in sales from Seagen products in 2030, and another $15 billion from its other recent acquisitions.
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Pfizer looks beyond COVID sales with $43 bln deal for cancer drugmaker SeagenPfizer Inc on Monday struck a roughly $43 billion deal for Seagen Inc to bulk up its cancer treatment portfolio, as the drugmaker braces for a steep fall in COVID-19 product sales and loss of exclusivity for some top sellers.
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Pfizer Agrees to Buy Seagen for $43 BillionThe New York drugmaker would pay $229 a share in cash for the biotech company and its pioneering cancer treatments.
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Pfizer to buy cancer drugmaker Seagen for $43 billionNEW: Pfizer said it has agreed to buy cancer drugmaker Seagen for $43 billion in cash. It's the largest pharma deal since Abbvie bought Allergan in 2020.
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Pfizer buys Seagen for $43B, boosts access to cancer drugsPfizer 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.
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Pfizer migraine nasal spray snags FDA approval for summer launchNews of the FDA’s approval came after two randomized, double-blind, placebo-controlled studies.
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