Pfizer In Early Talks To Buy Cancer-Focused Seagen: WSJ
- Pfizer Inc (NYSE: PFE) is in early discussions to purchase biotechnology company Seagen Inc (NASDAQ: SGEN), The Wall Street Journal reported late on Sunday, citing people familiar with the matter.
- The deal would reportedly be valued at more than $30 billion and will help Pfizer bolster its cancer treatments lineup.
- Last year, Merck & Co, Inc (NYSE: MRK) was reported to be in talks to buy Seagen at a valuation of over $40 billion but that soon fell through over disagreements on the buyout price.
- Another possible upside arising from the deal for Pfizer is that the company can offset $17 billion in sales it could lose due to patent expirations by 2030, according to the report.
- Seagen reported $2 billion in sales last year. It pioneered a cancer therapy called antibody-drug conjugates which attacks tumors with toxic agents in a guided manner.
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