Pfizer is spending about US$43 billion to reach deeper into new cancer treatments that target tumor cells while sparing surrounding healthy tissue.
The pharmaceutical giant said Monday it will pay US$229 in cash for each share of Seagen Inc. Pfizer then plans to let the biotech drug developer "continue innovating," except with more resources than it would have alone, Pfizer Chairman and CEO Albert Bourla told analysts.
Cancer treatments are a priority for Pfizer. They brought in US$12 billion in revenue for the drugmaker last year. But Pfizer has only marketed a couple first-generation ADC treatments, a spokeswoman said. Seagen's top seller, Adcetris, treats lymph system cancers. It brought in US$839 million in sales last year, a 19% increase over the previous year.
Bourla said earlier this year that the company planned to use its "extraordinary firepower" to buy products that will deliver US$25 billion in incremental revenue by 2030.
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