Pfizer said Monday it is acquiring Seagen, a maker of targeted cancer drugs, for $43 billion.
The deal helps Pfizer, flush with cash but in need of new sources of revenue due to declining sales of Covid treatments, by adding a lineup of cancer drugs called antibody-drug conjugates that work by delivering chemotherapy directly to tumors.
Seagen is being acquired for $229 per share, or a 32% premium to its Friday stock price. Negotiations between the two companies were reported in late February by the Wall Street Journal. Seagen was also in advanced talks last year to be acquired by Merck.
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