Pfizer Inc. is purchasing cancer-drug maker Seagen Inc. for an enterprise value of $43 billion, using the biggest deal of the year to set its course out of the pandemic and back into mainstream pharma.
Pfizer will pay $229 a share in cash for Bothell, Washington-based Seagen, according to a statement Monday, about a third more than the drugmaker’s closing share price Friday. It expects the deal to close late this year or early 2024.
Seagen shares rose 16% in premarket trading as of 11:31 a.m. in New York, bringing its market value to $37.5 billion. New York-based Pfizer rose 2.5%. Through Friday’s close, Seagen had gained 34% since the year began.
