Pfizer inks $43 billion Seagen deal to boost cancer portfolio

(Reuters) – Pfizer Inc (NYSE:) on Monday struck a roughly $43 billion deal for Seagen Inc to bulk up its cancer treatment portfolio, as the drugmaker braces for a steep fall in COVID-19 product sales and loss of exclusivity for some top sellers.

The deal, Pfizer’s largest since its $67 billion acquisition of Wyeth in 2009, will add four approved cancer therapies with combined sales of nearly $2 billion in 2022.

Analysts expect that sales to double by 2025, according to Refinitiv data.

Pfizer has offered $229 in cash per Seagen share, a 32.7% premium to Friday’s closing price.

Shares of Seagen were up 23% before the bell.