The American pharmaceutical giant Pfizer announced Monday that it had reached an agreement to buy the biotech company Seagen, which specializes in innovative cancer treatments, for $43 billion.
“Pfizer is deploying its financial resources to advance the fight against cancer,” Pfizer CEO Albert Bourla was quoted as saying in a press release.
Seagen, which is involved in the research, development and commercialization of cancer treatments, is growing, forecasting a 12% increase in revenue in 2023 to $2.2 billion.
Over $2 billion in revenue
The takeover bid has been approved by the boards of directors of the two groups. Pfizer is offering $229 a share in cash, or a $43 billion valuation for Seagen. The pharmaceutical group will finance the transaction by borrowing and using its cash. It expects to complete the acquisition in late 2023 or early 2024 once it has obtained the various regulatory and shareholder green lights from Seagen.
Source: BFM TV
