Pfizer CEO says it will be able to deliver Seagen's cancer therapy at a scale not seen before with $43 billion deal
Publishing timestamp: 2023-03-13 20:43:24
Summary
Pfizer CEO Albert Bourla announced that the company's $43 billion acquisition of Seagen will allow them to deliver Seagen's cancer therapy to the world "at a scale that has not been seen before." Seagen is a leading developer of antibody-drug conjugates (ADCs), which are designed to kill cancer cells and spare healthy ones. Bourla likened ADCs to mRNA technology for vaccines and called them "one of the greatest technologies to battle cancer." The acquisition will add four approved cancer therapies to Pfizer's portfolio, including Seagen's top seller Adcetris, which brought in $839 million in sales last year. The deal comes as Pfizer prepares for a decline in COVID-related sales and aims to sharpen its focus on oncology, which it believes will be the industry's biggest growth market.
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Keywords: markets, business, biotechnology, business news, seagen inc, biotech and pharmaceuticals, health care industry, investment strategy, pfizer inc,