Pfizer looks beyond COVID sales with $43 bln deal for cancer drugmaker Seagen

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Pfizer looks beyond COVID sales with $43 bln deal for cancer drugmaker Seagen
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Pfizer Inc on Monday struck a roughly $43 billion deal for Seagen Inc to bulk up its cancer treatment portfolio, as the drugmaker braces for a steep fall in COVID-19 product sales and loss of exclusivity for some top sellers.

to bulk up its cancer treatment portfolio, as the drugmaker braces for a steep fall in COVID-19 product sales and loss of exclusivity for some top sellers.

The deal, Pfizer's largest since its $67 billion acquisition of Wyeth in 2009, will add four approved cancer therapies with combined sales of nearly $2 billion in 2022. Pfizer said it would pay $229 in cash per Seagen share, a 32.7% premium to Friday's closing price. The offer is also a nearly 42% premium to the stock's close on Feb. 24, a day before the Wall Street Journal first reported on a possible deal.Pfizer has hit the M&A trail with force in its quest to mitigate the impact from an anticipated $17 billion drop in revenue by 2030 due to patent expirations for top drugs and decline in demand for its COVID products.

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