Pfizer signs $43bn deal to buy Seagen
pharmafile | March 14, 2023 | News story | Sales and Marketing |
Pharma giant Pfizer has signed a definitive merger agreement valued at $43bn to buy biotech firm Seagen.
US-based Seagen discovers, develops and commercialises cancer medicines through pioneering antibody-drug conjugates (ADCs) technology. It currently has four approved medicines in its portfolio, including three ADCs: Adcetris (brentuximab vedotin) for lymphoma; Padcev (enfortumab vedotin) for bladder cancers; and Tivdak (tisotumab vedotin) for cervical cancer.
The agreement will aim to develop Seagen’s ADC technology with Pfizer’s protein engineering and medicinal chemistry capabilities, leading to next-generation biologics and novel target combinations.
It will also grant Pfizer access to Seagen’s developing technology which can potentially generate several Investigational New Drug Applications (INDs), including next-generation ADC linker/payload technologies and other antibody platforms such as bi-specific antibodies that destroy tumours by using the immune system.
Pfizer chairman and CEO, Dr Albert Bourla stated: “Pfizer is deploying its financial resources to advance the battle against cancer, a leading cause of death worldwide with a significant impact on public health. Together, Pfizer and Seagen seek to accelerate the next generation of cancer breakthroughs and bring new solutions to patients by combining the power of Seagen’s ADC technology with the scale and strength of Pfizer’s capabilities and expertise. Oncology continues to be the largest growth driver in global medicine, and this acquisition will enhance Pfizer’s position in this important space and contribute meaningfully to the achievement of Pfizer’s near- and long-term financial goals.”
James Spargo
