Pharmaceutical giant Pfizer to acquire Bothell-based Seagen for $43 billion

Pfizer's plan to acquire Bothell-based Seagen for $43 billion represents a significant shift in the pharmaceutical landscape, aimed at enhancing its cancer treatment offerings. The all-cash deal, valued at $229 per share, has been approved by both companies' boards. Pfizer will finance the acquisition with approximately $31 billion in new long-term debt, supplemented by existing cash reserves and short-term financing. The deal is expected to close later this year or early next year, pending regulatory approvals and agreement from Seagen's stockholders. Seagen, known for its innovative cancer therapies, reported $1.

6 billion in revenue last year, highlighting the merger's potential impact on Pfizer's oncology division. Dr. Albert Bourla, Pfizer's CEO, emphasized the strategic importance of this acquisition in enhancing their global capabilities in cancer treatment. Seagen operates in multiple countries, including California, Canada, Switzerland, and the EU, employing over 2,800 people. This merger not only strengthens Pfizer's market position but also underscores the ongoing battle against cancer, a leading global health issue.