According to sources, Pfizer is in early talks to buy biotech firm Seagen for more than $30B.
The move, if successful, would help Pfizer make up the estimated $17B in sales the company is expected to lose when some of its patents expire by 2030. Seagen makes cancer immunotherapy treatments. The firm has a market cap of about $33B and made nearly $2B in sales last year.
Pfizer is valued at over $225B and generated about $100B in sales last year, thanks partly to its COVID-19 vaccine.
- The company has about $22.7B in cash.
- Last year, Pfizer acquired sickle cell drug maker Global Blood Therapeutics for more than $5B.
- The pharmaceutical giant also bought the rest of Biohaven Pharmaceutical Holdings for over $10B.
- Last year, Merck was in advanced talks to buy Seagen in a deal that valued the company at more than $40B.
- On news of the talks with Pfizer, Seagen shares closed at $178.16, up more than 10% for the day.
- Pfizer shares closed at $40.78, down more than 2%.
