Pfizer Inc. announced on Monday that it will be acquiring Seagen, a leading developer of antibody-drug conjugates (ADCs), for a total of $43 billion. ADCs are designed to target and destroy cancer cells while leaving healthy cells unharmed.
The addition of Seagen's ADCs to its portfolio will allow Pfizer to expand its oncology division, which currently has 24 approved treatments, and is expected to contribute more than $10 billion in risk-adjusted sales by 2030. Pfizer CEO Albert Bourla believes that the acquisition will help the company battle cancer on a global scale, noting that the impact of cancer goes beyond the patients, affecting families and loved ones as well.
The acquisition is subject to antitrust review, and is expected to be completed later this year or early 2024. It remains to be seen how the acquisition will affect Pfizer's oncology division, and what impact it will have on the fight against cancer.