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By CNBCTV18.com Mar 13, 2023 7:20:04 PM IST (Published)
“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,” Pfizer Chairman and CEO Dr. Albert Bourla said in a statement.
Pfizer, the pharmaceutical giant, has announced its plan to purchase Seagen for USD 43 billion to expand its involvement in cancer treatment. According to the company's statement on Monday, Pfizer will acquire Seagen at a cost of USD 229 per share.
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“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,” Pfizer Chairman and CEO Dr. Albert Bourla said in a statement.
Seagen Inc., headquartered in Bothell, Washington, is a biotech company that focuses on drug development. Its primary products utilise monoclonal antibodies that attach to the surface of cancer cells and transport a cancer-fighting agent, while preserving nearby healthy tissue.