Pfizer is to acquire Seagen, a Bothell, Washington-based global biotechnology company that discovers, develops and commercializes transformative cancer medicines, for $229 in cash per share for a total enterprise value of $43 billion.
The Boards of Directors of both companies have unanimously approved the transaction, which is expected to complete in late 2023 or early 2024, subject to fulfillment of customary closing conditions, including approval of Seagen’s stockholders and receipt of required regulatory approvals. Seagen is expected to contribute more than $10 billion in risk-adjusted revenues in 2030.
Seagen’s medicines, late-stage development programs and expertise in Antibody-Drug Conjugates (ADCs) complement Pfizer’s Oncology portfolio.
Led by David Epstein, Chief Executive Officer, Seagen is a pioneer in ADC technology, with four of the twelve total FDA-approved and marketed ADCs using its technology industry-wide. ADCs are a transformative modality that is emerging as a tool across a broad range of cancers designed to preferentially kill cancer cells and limit off-target toxicities. Its portfolio includes four approved medicines, including three ADCs: ADCETRIS® (brentuximab vedotin), PADCEV® (enfortumab vedotin), and TIVDAK® (tisotumab vedotin). The company also commercializes TUKYSA® (tucatinib).
Clinical development programs are ongoing for each of these medicines for potential new tumor types or expanded indications in earlier lines of therapy, with catalysts expected annually through 2027.
Seagen is to expand the impact of its therapeutic approach with its broad and deep pipeline that includes eleven new molecular entities, many with the potential to treat large patient populations and all with global commercial rights. The proposed acquisition is also expected to enable for combination potential across both the Seagen and Pfizer pipelines and will leverage Pfizer’s protein engineering and medicinal chemistry capabilities to advance its ADC technology to unlock potential novel target combinations and next-generation biologics.
The company is also advancing innovative technologies capable of potentially generating multiple Investigational New Drug Applications (INDs), including next-generation linker/payload technologies for ADCs and other innovative antibody platforms that directly engage the immune system to destroy tumors, such as bi-specific antibodies.
The company also has locations in California, Canada, Switzerland and the European Union.