Seagen

Pfizer Inc (NYSE:PFE) said Monday it agreed to buy biotech company Seagen Inc (NASDAQ:SGEN) for $43 billion to bolster its cancer treatment program. The New York-based drugmaker said it would pay $229 a share in cash, a nearly 33 percent premium to Seagen’s closing price of $172.61 on Friday. Seagen is headquartered in Bothel, Washington. Pfizer said it expects to fund most of the acquisition through $31 billion of new long-term debt, with the rest coming from short-term financing and cash on hand. Pfizer said it expects the deal with Seagen to have a neutral to slightly higher impact on adjusted earnings per share in the third to fourth full year after closing, and said it expects to achieve cost efficiencies of nearly $1 billion in the third full year.

Pfizer (NYSE:PFE) will reportedly acquire Seagen (NASDAQ:SGEN) for $43 billion in total enterprise value for $229 per share in cash. Seagen’s risk-adjusted revenue contribution is expected to exceed $10 billion in 2030. Pfizer expects to finance the transaction primarily through a new borrowing of $31 billion of long-term debt, with the remainder coming from short-term financing and cash on hand.