Pfizer to acquire Seagen for $43 billion

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Pfizer has announced it will acquire Seagen Inc. for a total enterprise value of $43 billion.

“Together, Pfizer and Seagen seek to accelerate the next generation of cancer breakthroughs and bring new solutions to patients by combining Seagen’s antibody-drug conjugate (ADC) technology… with Pfizer’s capabilities and expertise,” shared Dr Albert Bourla, Pfizer Chairman and Chief Executive Officer.

The proposed acquisition is also expected to enable for combination potential across both the Seagen and Pfizer pipelines. It will leverage Pfizer’s protein engineering and medicinal chemistry capabilities to advance Seagen’s ADC technology to unlock potential novel target combinations and next-generation biologics. Pfizer stated the intended combination with Seagen would double its early-stage oncology clinical pipeline.

“The addition of Seagen’s ADC technology will position us at the forefront of innovative cancer care,” commented Chris Boshoff, Chief Development Officer Oncology and Rare Disease at Pfizer.

According to Pfizer, Seagen could contribute more than $10 billion in risk-adjusted revenues in 2030, with potential significant growth beyond 2030. This is based on Seagen’s four in-line medicines, royalties and collaboration and license agreements. Seagen anticipated it will generate approximately $2.2 billion of revenue in 2023.

Seagen has four of the twelve total US Food and Drug Administration (FDA)-approved and marketed ADCs using its technology industry-wide. Its portfolio includes four approved medicines that are first- or best-in-class across solid tumours and hematologic malignancies.

These include three ADCs:

• ADCETRIS^® (brentuximab vedotin)
• PADCEV^® (enfortumab vedotin)
• TIVDAK^® (tisotumab vedotin)
• Seagen also commercialises TUKYSA^® (tucatinib).

The companies expect to complete the transaction in late 2023 or early 2024, subject to fulfilment of customary closing conditions.