A binding merger agreement has been signed between Pfizer Inc. and Seagen Inc. According to the aforementioned agreement, Pfizer’s acquisition of Seagen, a renowned worldwide biotechnology business that discovers, develops, and markets revolutionary cancer treatments is now official.
According to reports, the aforementioned agreement cost $229 in cash for each Seagen share or $43 billion in total. Also, it has been reported that the transaction has received the unanimous approval of the boards of directors of both firms.
Agenda Behind Seagen Acquisition
Dr. Albert Bourla, Chairman and Chief Executive Officer of Pfizer, has asserted that his company is spending financial resources to progress the fight against cancer. She stated that cancer is the largest cause of death worldwide, having a huge influence on public health.
She went on to say that both companies shared a vision of accelerating the next generation of cancer breakthroughs while also bringing new solutions to patients by combining the power of Seagen’s antibody-drug conjugate technology with the scale and strength of capabilities and expertise.
Dr. Bourla further noted that oncology remains the leading growth driver in global medicine and that this acquisition will purportedly strengthen Pfizer’s position in this critical field. Furthermore, it makes a significant contribution to Pfizer’s short- and long-term financial objectives.
The Acquisition’s Impact on Seagen
David Epstein, Chief Executive Officer of Seagen, has indicated that Pfizer’s shares in their company will purportedly strengthen their dedication to their patients. Additionally, the stated combination is said to exemplify Seagen’s team’s passion, dedication, and expertise in achieving their purpose of discovering, developing, and commercializing innovative cancer therapies that make a meaningful impact on people’s lives.
The company’s chief executive officer went on to say that the proposed merger with Pfizer is the logical next step in the company’s strategy. Furthermore, the deal will provide significant and immediate value to Seagen’s owners, as well as new prospects for the firm’s colleagues as part of a larger science-driven, patient-centric, global company.