Hours after Sanofi and Provention Bio made headlines with a potential biopharma deal, Pfizer one-upped them with a surprise announcement – it had won the Seagen sweepstakes. The pharmaceutical giant’s victory in the race for the cancer therapeutics company is sure to have far-reaching implications in the industry.
Pfizer is set to make history with its acquisition of Seattle-based ADC leader in an impressive $43 billion deal. The deal is expected to be finalized by late 2023 or early 2024, making it the largest acquisition in the industry. With this move, Pfizer is paving the way for a new era of groundbreaking treatments and therapies.
Rumors of a possible merger between the two companies had been circulating since February 26, when The Wall Street Journal broke the news.
Last year, Seagen encountered an offer from Merck that would have made for an impressive $40 billion deal. However, the two were unable to come to an agreement over the asking price, with Merck reportedly offering more than $200 per share. In the end, the potential deal stalled.
Pfizer made a grand entrance to the market with their share price of $229 – a price that many have been eagerly awaiting.
At a whopping $43 billion, the acquisition has rocketed up the ranks of biopharma deals, coming in just below Statista’s number 10 – Roche’s $46.8 billion buy of Genetech in 2009. This gargantuan transaction has shaken up the industry, making its mark as one of the biggest deals in the history of biopharma.
Pfizer and Seagen have joined forces to revolutionize the fight against cancer, thanks to Seagen’s ADC technology combined with Pfizer’s strength and size. “We are honored to be part of this formidable combination as we work together to advance the battle against cancer,” said Albert Bourla, CEO of Pfizer, in a prepared statement.
Pfizer is optimistic that Seagen’s impressive 12% year-over-year growth rate will be sustained and the revenue will reach an impressive $10 billion by 2030. With such potential, it is no wonder that the company is investing in Seagen, expecting a bright future ahead.
Seagen is paving the way in cancer treatments, with four drugs already approved by the FDA to treat breast, cervical, bladder and lymphoma cancers. But that’s not all – clinical development is underway to broaden the scope of these treatments to additional tumor types, offering more people the hope of a cure.
Seagen’s pipeline is brimming with potential, featuring nearly a dozen new molecules that are poised to be developed by Pfizer, as well as advanced technologies such as antibody-drug conjugates (ADCs) and bi-specific antibodies. This cutting-edge technology offers exciting new opportunities for the development of innovative therapies.
Monday saw Sanofi and Provention Bio kick off the week with a bang, as the two firms announced a whopping $2.9 billion deal. This follows on from the high-profile merger between Pfizer and Seagen, further cementing the trend of big-money mergers and acquisitions in the market.
Sanofi’s recent buyout of a diabetes market has provided the company with an additional layer of protection against the growing pressure from U.S. lawmakers to reduce insulin prices. With this acquisition, Sanofi is taking steps to ensure the security of its diabetes market in the face of mounting scrutiny.