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Pfizer to acquire Seagen for $43B

Pfizer and Seagen announced today that they entered into an agreement under which Pfizer acquires Seagen for $43 billion.

The price of the acquisition comes to $229 in cash per Seagen share, totaling $43 billion. Both companies’ boards unanimously approved the transaction.

Seagen develops antibody-drug conjugate (ADC) technology. Four of the 12 total FDA-approved and marketed ADCs use its technology industry-wide, according to a news release.

“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 chair and CEO. “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 large…

Pfizer considers bolstering its oncology standing through $30B Seagen acquisition

Big Pharma giant Pfizer (NYSE:PFE) is reportedly in talks to acquire Seagen (Nasdaq:SGEN).

Founded in 1998, Seagen — formerly known as Seattle Genetics — helped pioneer a cancer therapy known as antibody drug conjugates that work like a guided missile attacking tumors with toxic agents.

Last year, Segan installed David Epstein as its CEO after its co-founder and former leader Clay Siegall resigned after an arrest.

In 2022, Seagen raked in almost $2 billion in revenue, which equated to an almost a quarter increase over the prior year.

Seagen has a market value of some $30 billion. An acquisition would likely command a premium over that figure, according to The Wall Street Journal.

Pfizer isn’t the first company with recent plans to acquire Seagen. In 2022, executives at Seagen were considering talks with Merck & Co. (NYSE:MRK) over a proposed $40 billion acquisition deal. Those talks, however, fell apart.

Seagen’s bread-and-butter…

Merck moves forward with Seagen acquisition plans

Executives from Merck & Co. (NYSE:MRK) and Seagen (Nasdaq:SGEN) are reportedly considering a $40 billion acquisition deal.

Readington, New Jersey–based Merck has offered to spend about $200 per share for Seagen, according to The Wall Street Journal.

Executives from the company aim to finalize the deal before Merck announces its Q2 earnings on July 28, according to WSJ.

Seagen shares were up about 2%, trading at $178.56 in afternoon trading.

Merck shares held steady, hovering around $92.90.

In a Q1 earnings call, Merck CEO Robert M. Davis said the company is working to diversify its business as it plans to lose exclusivity for its megablockbuster immunotherapy drug Keytruda. “In oncology, we remain committed to building on the foundational position that we have achieved with Keytruda, and we aim to expand our presence in this key therapeutic area and to establish an enduring leadership position,” Davis said.

The patent protections…

Merck reportedly mulling Seagen acquisition

Approximately one month after Seagen (Nasdaq:SGEN) CEO Clay Siegall resigned following a domestic abuse arrest, Merck & Co. (NYSE:MRK) is considering purchasing the company, according to WSJ.

One potential hurdle is the possibility of increased antitrust enforcement from the DOJ and FTC focused on the pharmaceutical sector.

To sidestep such risks, the two companies could enter a joint marketing arrangement instead, according to the WSJ article, which cited anonymous sources. The two companies have already had strategic collaborations in oncology.

Investors reacted to the news by sending SGEN shares up almost 13% to $165.45.

Merck shares were mostly flat, closing at $84.62.

Last year, Merck generated $48.7 billion in revenue. More than one-third of it, however, came from the immunotherapy drug Keytruda (pembrolizumab). Keytruda patent protections are set to expire in 2028.

Seagen had $1.6 billion in revenue in 2021.

In Apri…

Seagen CEO Siegall resigns after domestic abuse arrest

(Nasdaq:SGEN) has announced that its CEO Clay Siegall has resigned following a domestic abuse arrest in April.

Police charged Siegall with fourth-degree misdemeanor assault. He maintains his innocence.

The company has named its lead independent director Felix Baker to assume the role of chair of the board of directors. Seagen Chief Medical Officer Dr. Roger Dansey will serve as interim CEO.

Baker said in a statement that the company’s board has “great confidence in the leadership of Roger Dansey, the senior management team and the nearly 3,000 employees to continue Seagen’s impressive growth trajectory.”

SGEN shares rose about 5% to $142.54.

Siegall was among the highest-paid executives in the pharmaceutical salary, raking in $18.9 million in total compensation last year.

Earlier this month, he took a leave of absence from the company.

Seagen announced an investigation of domestic abuse allegations against Siegall, which will…

Details emerge from incident that led Seagen’s CEO to take a leave of absence

Seagen (Nasdaq:SGEN) has tapped a law firm to lead an investigation into its CEO Clay Siegall, who was charged with misdemeanor assault against his wife on April 23.

Siegall maintains his innocence.

A police report related to the incident reported that Siegall’s wife called 911 after he allegedly forced her to the ground.

Siegall was later charged with fourth-degree domestic violence, according to police reports obtained by Endpoints News.

Siegall’s wife also filed a temporary restraining order against him. The couple is going through divorce proceedings.

The police report alleges that Siegall (61) pushed his wife Nellie to the ground and dragged her along the floor, causing bruises and abrasions.

Founded in 1997, Bothell, Washington-based Seagen is a leading biotechnology company focused on antibody-drug conjugates. Its 2021 revenues were $1.6 billion.

Siegall is a co-founder of the company.

Following the r…

Tivdak from Genmab and Seagen wins accelerated approval for metastatic cervical cancer indication

The FDA has granted accelerated approval to the first-in-class antibody-drug conjugate Tivdak (tisotumab vedotin-tftv) from Genmab and Seagen to treat adults with recurrent or metastatic cervical cancer. Specifically, the approval covers cancer with disease progression on or after chemotherapy.

The drug targets protein tissue factor (TF), which is abnormally expressed in cervical cancer.

Historically, physicians have had few options for recurrent or metastatic cervical cancer patients with disease progression.

FDA granted accelerated approval based on data from the Phase 2 innovaTV 204 clinical study, which evaluated 101 patients. The drug had a 24% confirmed objective response rate, based on an analysis from an independent review committee.

The label for Tivdak will include a boxed warning detailing the risk of ocular toxicity. The label will also describe common adverse reactions, including decreased hemoglobin and lymphocytes, fatigue, nausea, …

Caribou Biosciences adds Nancy Whiting to its board of directors

CRISPR genome-editing biopharma firm Caribou Biosciences (NSDQ:CRBU) has appointed Nancy Whiting to its board of directors.

Whiting had previously worked at Seagen (formerly known as Seattle Genetics) for 14 years and had three years of experience at GSK. At Seagen, she was involved in the development of several drugs, including Adcetris, Padcev, Tukysa, tisotumab vedotin and ladiratizumab vedotin.

Seagen has developed a chRDNA genome-editing platform that supports multiple genome edits. In addition, the company is working on a range of chRDNA-based cell therapies.

Whiting has “significant experience in all phases of drug development and commercialization with particular expertise in oncology, which is highly relevant to Caribou as we advance our pipeline of chRDNA-edited allogeneic cell therapies for the potential treatment of a variety of hematologic malignancies and solid tumors,” said Rachel Haurwitz, CEO of Caribou Biosciences, in a statement.

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