Pfizer Inc. (NYSE: PFE) today announced the successful completion of its acquisition of Seagen Inc. (NASDAQ: SGEN), a global biotechnology company that discovers, develops and commercializes transformative cancer medicines. Pfizer completed its acquisition of all outstanding common stock of Seagen for $229 in cash per share, for a total enterprise value of approximately $43 billion.
“Cancer remains a leading cause of death, and one in three people in the U.S. will receive a cancer diagnosis in their lifetime. With one of the largest investments in Pfizer’s history, we are going all in on cancer with the goal of delivering breakthroughs that drastically improve the lives of people with cancer,” said Dr. Albert Bourla, Pfizer Chairman and Chief Executive Officer. “With Seagen’s proprietary, world-leading Antibody-Drug Conjugate (ADC) technology, together with the scale and strength of Pfizer’s capabilities and expertise, we are poised to change the cancer treatment paradigm. We believe Oncology will be a significant growth driver for Pfizer and contribute meaningfully to the achievement of our near- and long-term financial goals.”
Seagen is a world-leader in ADC technology, a transformative modality that is emerging as a powerful tool across a broad range of cancers designed to preferentially kill cancer cells and limit off-target toxicities. With the addition of Seagen’s four in-line medicines, ADCETRIS® (brentuximab vedotin), PADCEV® (enfortumab vedotin), TIVDAK® (tisotumab vedotin) and TUKYSA® (tucatinib), Pfizer’s industry-leading Oncology portfolio now includes over 25 approved medicines and biosimilars across more than 40 indications, including nine medicines that are either blockbuster or have the potential to be blockbuster.
With the addition of Seagen, Pfizer’s Oncology pipeline has doubled in size with 60 programs spanning multiple modalities, including ADCs, small molecules, bispecifics and other immunotherapies. Moving forward, Pfizer will leverage its leading protein engineering and medicinal chemistry capabilities to advance Seagen’s ADC technology, unlocking potential novel combinations and next-generation biologics.
“This is a great day for Pfizer, and, more importantly, for people living with cancer, as we bring together the game-changing science and top talent of Seagen and Pfizer to form a leading Oncology organization,” said Chris Boshoff, Chief Oncology Officer and Executive Vice President, Pfizer. “Driven by science and a passion for improving and extending patients’ lives, together, we will work with urgency towards our common purpose to deliver transformative cancer medicines and bring new hope to people living with cancer everywhere.”
As previously disclosed, to address U.S. Federal Trade Commission concerns, Pfizer has chosen to irrevocably donate the rights of royalties from sales of Bavencio® (avelumab) in the U.S. to the American Association for Cancer Research (AACR). This unrestricted donation will support AACR in its mission to prevent and cure cancer through research, education, communication, collaboration, science policy, and funding for cancer research.
Guggenheim Securities, LLC served as Pfizer’s financial advisor and Wachtell, Lipton, Rosen & Katz and Arnold & Porter Kaye Scholer LLP served as Pfizer’s legal advisors. Centerview Partners LLC served as Seagen’s financial advisor and Sullivan & Cromwell LLP served as Seagen’s legal advisor. MTS Health Partners also provided financial advice to Seagen.