Pfizer is spending about $43 billion to reach deeper into new cancer treatments that target tumor cells while sparing surrounding healthy tissue.
Seagen has four treatments on the market. It also has a pipeline of drugs under development that includes potential treatments for a form of lung cancer and advanced breast cancer.
Seagen’s top seller, Adcetris, treats lymph system cancers. It brought in $839 million in sales last year, a 19% increase over the previous year. The company, which changed its name from Seattle Genetics in 2020, saw total revenue grow about 25% last year to nearly $2 billion. Seagen also shaved its loss to $610 million from $674 million in 2021.Article contentPfizer booked about $100 billion in total revenue last year and has been flush with cash thanks to sales of its COVID-19 vaccine and treatment, Comirnaty and Paxlovid.
The deal announced Monday and some previous acquisitions will help Pfizer account for most of that. But Bourla emphasized on Monday that the company expects Seagen’s contributions to extend beyond the end of the decade.
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