Pharmaceutical giant Pfizer is reportedly in talks to acquire Seagen, a biotechnology company focused on developing cancer therapies.
With Seagen having a market value of more than $30 billion, the deal could be worth well over that. The Wall Street Journal was first to report the news. Last year, Seagen was in talks to be acquired by Merck & Co. in a deal that worth $40 billion or more, but the deal fell through.
Seagen is known for its antibody-drug conjugates that target cancer. The company reported $2 billion in revenue for 2022 and has four marketed brands. Seagen also named David Epstein as its CEO toward the end of 2022.
The deal would bring Pfizer more cancer therapies at a time when the company is flush with cash thanks to its COVID-19 vaccine. The WSJ cited people familiar with the deal in its report, and noted that a deal is not guaranteed.
Pfizer has made a few other multibillion-dollar acquisitions as of late, including purchasing Global Blood Therapeutics for $5.4B last year and Biohaven Pharmaceuticals.
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Amy joined TriMed Media as a Senior Writer for HealthExec after covering home care for three years. When not writing about all things healthcare, she fulfills her lifelong dream of becoming a pirate by sailing in regattas and enjoying rum. Fun fact: she sailed 333 miles across Lake Michigan in the Chicago Yacht Club "Race to Mackinac."