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Pfizer Agrees to Buy Seagen for $43 Billion!

The drugmaker would pay $229 a share in cash for the biotech cancer specialist

Pfizer has been looking for acquisitions to help it offset an aging drug lineup.

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Bloomberg on Pfizer acquisition of Seagen
Pfizer Inc. has agreed to pay $43 billion for biotech Seagen Inc. SGEN 15.73%increase; green up pointing triangle and its pioneering class of targeted cancer drugs.

Under the terms, Pfizer would pay $229 a share in cash, the drugmaker said Monday. The companies expect the deal, which includes debt, to close late this year or early next year.

However, it is likely to face scrutiny from antitrust regulators, who have stepped up their reviews of healthcare and other deals.

The agreement is an early sign that big pharmaceutical companies are poised for heavy deal-making this year despite the threat of close antitrust examinations and higher interest rates.

The drugmakers had in recent years backed off from what had been a torrid deal pace, after potential targets came to cost too much. Yet, they now need to inject new drugs—and their sales—into aging lineups, and price tags have dropped after some research failures and interest rates rose.

Source: Bloomberg