The latest deal comes as Pfizer seeks to mitigate an anticipated $17 billion hit to revenue by 2030 from patent expirations for top drugs and decline in demand for its COVID products.
Pfizer’s recent deals include its purchase of Global Blood Therapeutics for $5.4 billion, migraine drug maker Biohaven Pharmaceutical Holding for $11.6 billion and a $6.7 billion buyout of drug developer Arena Pharmaceuticals.
Pfizer’s portfolio of oncology therapies includes 24 approved drugs, while Seagen’s includes Adcetris for lymphoma, Padcev for bladder cancers, Tivdak for cervical cancer and breast cancer treatment Tukysa. The companies expect to complete the deal in late 2023 or early 2024. Pfizer said antitrust regulators could closely review the deal due to its size but eventually approve it.
Pfizer rival Merck & Co. and Seagen were in advanced deal talks last year but those reportedly collapsed over antitrust concerns.
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