Pfizer to buy anti-cancer drug maker Seagen for $43 billion

March 13 (Reuters) – Pfizer Inc has agreed to acquire Seagen Inc for $43 billion to expand its line of cancer drugs. A pharmaceutical manufacturer is preparing for a sharp decline in sales of COVID-19-related products and the expiry of patents on a number of key drugs.

Pfizer will pay $229 per Seagen share, representing a 32.7% premium over Friday’s closing price. The bid is also almost 42% higher than the February 24 close, a day before the Wall Street Journal first reported the possible takeover.

The deal – the largest in a series of Pfizer acquisitions since the launch of a COVID-19 vaccine and pills – will add four approved drugs to the company’s cancer drug portfolio, with total sales of approximately $2 billion in 2022.

Seagen shares were up more than 15% by 5:18 p.m. Moscow time.

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(Manas Mishra and Bhanvi Satija in Bangalore)