Pfizer to buy cancer drugmaker Seagen for $43 billion

Pfizer's headquarters in New York. Photo: Bess Adler/Bloomberg via Getty Images

Pfizer on Monday said it has agreed to buy cancer drugmaker Seagen for $43 billion in cash.

Why it matters: This is the largest merger announcement so far in 2023, and the largest pharma deal since Abbvie bought Allergan in 2020.

• It also reflects how Pfizer is using its COVID vaccine fortune to bolster its other businesses.

Details: Pfizer will pay $229 per share in cash, representing a 32.7% premium to where Seagen shares closed trading last Friday.

More, from FiercePharma: "Pfizer's largest oncology asset, breast cancer drug Ibrance, has been on decline. Collaboration revenue around Astellas-shared prostate cancer med Xtandi has been flat. And Pfizer's commercial and pipeline portfolios lack new star products that could move the market … Seagen is an attractive target with four commercial medicines and many more likely coming in its deep pipeline full of antibody-drug conjugate candidates."

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