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- Pfizer Inc (NYSE:PFE) has agreed to acquire Seagen Inc (NASDAQ:SGEN) for $229 in cash per Seagen share for a total enterprise value of $43 billion.
- "Pfizer is deploying its financial resources to advance the battle against cancer, a leading cause of death worldwide with a significant impact on public health," said Dr. Albert Bourla, Pfizer Chairman & CEO.
- As per a Wall Street Journal report, the companies were in early talks with a deal valuing over $30 billion in February.
- Related: Analyst Cautions Investors On Overreacting To 'Early-Stage' Pfizer/Seagen Discussions.
- Seagen expects to generate approximately $2.2 billion of revenue in 2023, representing 12% Y/Y growth, from its four in-line medicines, royalties, and collaboration and license agreements.
- Pfizer believes Seagen could contribute more than $10 billion in risk-adjusted revenues in 2030, with significant potential growth beyond 2030.
- The proposed combination with Seagen would double Pfizer's early-stage oncology clinical pipeline.
- Seagen's portfolio includes four approved medicines across solid tumors and hematologic malignancies, including three antibody-drug conjugate (ADCs)-Adcetris (brentuximab vedotin), Padcev (enfortumab vedotin), and Tivdak (tisotumab vedotin).
- The company also commercializes Tukysa (tucatinib).
- Pfizer expects to finance the transaction substantially through $31 billion of new, long-term debt and the balance from a combination of short-term financing and existing cash.
- The transaction is expected to be neutral to slightly accretive to adjusted EPS in Q3 to Q4 post-close.
- Pfizer expects to achieve nearly $1 billion in cost efficiencies in the third full year after the completion of the transaction.
- The companies expect to complete the transaction in late 2023 or early 2024.
- Price Action: SGEN shares are up 15.9% at $200, and PFE shares are down 1.73% at $38.71 during the premarket session on the last check Monday.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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