Pfizer buys cancer drug maker Seagen for $43 billion

US pharmaceutical Pfizer Inc acquired Seagen Inc for approximately $43 billion to expand its portfolio of cancer treatments.

Pfizer bought Seagen for $229 a share in cash, or a 32.7 percent premium to Seagen’s shares at Friday’s close.

Pfizer added four approved cancer treatments to its portfolio as a result of this deal, which is the company’s largest acquisition since Pfizer bought Wyeth for $67 billion in 2009.

CANCER TREATMENTS REACHED $2 BILLION IN SALES

The cancer treatments that Pfizer added to its portfolio reached approximately $2 billion in sales in 2022.

Analysts expect sales of these cancer treatments to double by 2025, according to Refinitiv data.

Seagen’s shares were up 23 percent before the stock market opened. (Reuters)