Saturday, March 2, 2024
Business News

Pfizer may buy Seagen in a deal likely valued at $30 bn

Pfizer, the multinational pharmaceutical company, is reportedly in discussions to acquire Seagen, a biotechnology firm, in a deal that could potentially be valued at over $30 billion. Sources close to the matter have disclosed that Pfizer has shown a keen interest in the acquisition of Seagen, but the negotiations are still in the early stages, and there is no guarantee that a deal will be struck.

Seagen, previously known as Seattle Genetics, is a leading innovator in the development and commercialization of targeted cancer therapies. Their portfolio includes a range of antibody-drug conjugates that have shown promising results in clinical trials. The potential acquisition of Seagen would provide Pfizer with an opportunity to expand its cancer drug portfolio and strengthen its position in the highly competitive pharmaceutical industry.

This news comes after Seagen’s recent discussions with Merck, another major pharmaceutical company, in a deal that could have been worth over $40 billion. However, those talks fell through, paving the way for Pfizer to enter the fray. Both Seagen and Pfizer have declined to comment on the ongoing negotiations.

If the deal goes ahead, it would be one of the largest acquisitions in the biotechnology sector in recent years. Pfizer has been on an acquisition spree over the past few years, with the most notable being their $11.4 billion acquisition of Array BioPharma in 2019. The acquisition of Seagen would be a significant move for Pfizer, enabling them to diversify their drug portfolio and keep pace with their competitors.

However, some experts have raised concerns about the potential impact of the acquisition on the industry. The consolidation of the pharmaceutical industry has been a cause for concern, as it could lead to higher drug prices and reduced competition. It remains to be seen how regulators will respond to the potential acquisition of Seagen by Pfizer.

Pfizer’s potential acquisition of Seagen could be a game-changer for both companies, enabling them to strengthen their positions in the highly competitive pharmaceutical industry. However, with negotiations still in their early stages, it remains to be seen if a deal will be struck, and if so, how it will impact the wider industry.