Seagen

History

2023: Pfizer's $43 billion purchase

On March 3, 2023, Pfizer Pharmaceutical Corporation announced an agreement to acquire the biotechnology company Seagen. The transaction will be carried out in cash at the rate of $229 for one Seagen security, and the total amount will be approximately $43 billion.

Seagen specializes in the so-called immuno-conjugate toxin. These are specialized drugs designed for the targeted treatment of cancer. Such agents are an alternative to chemotherapy. Moreover, unlike the latter, when all cells (both cancerous and healthy) are exposed, the toxin immuno-conjugates destroy only cells of malignant formations, without affecting healthy structures.

Seagen specializes in the production of toxin immuno-conjugates

Seagen's range includes a number of drugs that are considered among the best in the treatment of solid tumors and hematological malignancies. These are, in particular, Adcetris (brentuximab vedotin), Padcev (enfortumab vedotin) and Tivdak (tizotumab vedotin). The company is also commercializing Tukysa (tucatinib), a drug designed to treat breast cancer. Clinical development programs are ongoing for each of these tools in order to potentially expand their scope.

The companies expect to complete the merger in late 2023 or early 2024 after receiving approval from Seagen shareholders and the necessary regulatory approvals. Pfizer's financial advisor as part of the deal is Guggenheim Securities LLC, and Wachtell, Lipton, Rosen & Katz serves as legal counsel. Seagen has sought help from Centerview Partners LLC and Sullivan & Cromwell LLP. In addition, financial advice from Seagen was provided by MTS Health Partners. The purchase will be paid for by Pfizer's funds, short-term financing and a long-term commitment of $31 billion.^[1]

Notes