The American pharmaceutical giant Pfizer announced on Monday that it had reached an agreement to buy the biotech company Seagen, which specializes in innovative cancer therapies, for 43 billion dollars.
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“Pfizer is using its financial resources to advance the fight against cancer,” Pfizer CEO Albert Bourla said in a press release.
Seagen, which is involved in research, development, and commercialization of cancer treatments, is growing and forecasting a 12% jump in sales to $2.2 billion in 2023.
The acquisition has been approved by the boards of directors of both groups.
Pfizer is offering $229 per share in cash, or a $43 billion valuation for Seagen.
The pharmaceutical company will fund the transaction by taking on debt and diving into its liquidity.
He hopes to close the acquisition in late 2023 or early 2024, once Seagen’s various regulatory and stockholder approvals are received.