Pfizer Inc. has entered into a definitive merger agreement to acquire Seagen Inc., a global biotechnology company developing and commercializing cancer medicines, for a total value of $43 billion. The Boards of Directors of both companies have unanimously approved the transaction.
 
Seagen expects to generate approximately $2.2 billion of revenue in 2023, representing 12% year-over-year growth, from its four in-line medicines, royalties and collaboration and license agreements. Pfizer anticipates Seagen could contribute more than $10 billion in risk-adjusted revenues in 2030, subject to clinical trial and regulatory success.
 
Seagen is a pioneer in ADC technology, with four of the twelve FDA-approved ADCs using its technology industry-wide. ADCs are a transformative modality that is emerging as a powerful tool across a broad range of cancers designed to preferentially kill cancer cells and limit off-target toxicities. 
 
Seagen has developed a leadership position in ADC technologies, with groundbreaking and proprietary technology. Seagen’s portfolio includes four approved medicines that are first- or best-in-class across solid tumors and hematologic malignancies, 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.
 
Seagen’s pipeline 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 Seagen’s ADC technology to explore potential novel target combinations and next-generation biologics.
 
“Pfizer is deploying its financial resources to advance the battle against cancer, a leading cause of death worldwide with a significant impact on public health,” said Dr. Albert Bourla, Pfizer Chairman and Chief Executive Officer. “Together, Pfizer and Seagen seek to accelerate the next generation of cancer breakthroughs and bring new solutions to patients by combining the power of Seagen’s antibody-drug conjugate (ADC) technology with the scale and strength of Pfizer’s capabilities and expertise. Oncology continues to be the largest growth driver in global medicine, and this acquisition will enhance Pfizer’s position in this important space and contribute meaningfully to the achievement of Pfizer’s near- and long-term financial goals.”
 
“Pfizer shares our steadfast commitment to patients, and this combination is a testament to the passion, dedication and talent of the Seagen team to achieve our mission to discover, develop, and commercialize transformative cancer medicines that make a meaningful difference in people’s lives,” said David Epstein, Seagen Chief Executive Officer. “The proposed combination with Pfizer is the right next step for Seagen to further its strategy, and this compelling transaction will deliver significant and immediate value to our stockholders and provide new opportunities for our colleagues as part of a larger science-driven, patient-centric, global company.”
 
The companies expect to complete the transaction in late 2023 or early 2024, subject to customary closing conditions.