Pfizer Inc. has agreed to pay $43 billion for biotech Seagen Inc. and its pioneering class of targeted cancer drugs. Cancer treatment is a key franchise for Pfizer, contributing more than $12 billion of the company’s $100 billion in sales last year. The Seagen acquisition will help Pfizer reach its goal of generating $25 billion in additional revenue by 2030 through business development such as deal-making, Pfizer executives said. To make sure Seagen scientists keep innovating, Mr. Bourla said Pfizer expects to maintain Seagen’s laboratories in Seattle and San Francisco. We are acquiring the goose that lays the golden eggs," Mr. Bourla said on a conference call with analysts and investors.

Source: Wall Street Journal March 13, 2023 23:21 UTC