- Further establishes Pfizer as a leading oncology company poised
to accelerate the next generation of breakthrough treatments for
people with cancer
- To address U.S. Federal Trade Commission concerns, Pfizer has
chosen to irrevocably donate the rights of royalties from sales of
Bavencio® (avelumab) in the U.S. to the American Association for
Cancer Research (AACR)
Pfizer Inc. (NYSE: PFE) today announced the successful
completion of its acquisition of Seagen Inc. (NASDAQ: SGEN), a
global biotechnology company that discovers, develops and
commercializes transformative cancer medicines. Pfizer completed
its acquisition of all outstanding common stock of Seagen for $229
in cash per share, for a total enterprise value of approximately
$43 billion.
“Cancer remains a leading cause of death, and one in three
people in the U.S. will receive a cancer diagnosis in their
lifetime. With one of the largest investments in Pfizer’s history,
we are going all in on cancer with the goal of delivering
breakthroughs that drastically improve the lives of people with
cancer,” said Dr. Albert Bourla, Pfizer Chairman and Chief
Executive Officer. “With Seagen’s proprietary, world-leading
Antibody-Drug Conjugate (ADC) technology, together with the scale
and strength of Pfizer's capabilities and expertise, we are poised
to change the cancer treatment paradigm. We believe Oncology will
be a significant growth driver for Pfizer and contribute
meaningfully to the achievement of our near- and long-term
financial goals.”
Seagen is a world-leader in ADC technology, a transformative
modality that is emerging as a powerful tool across a broad range
of cancers designed to preferentially kill cancer cells and limit
off-target toxicities. With the addition of Seagen’s four in-line
medicines, ADCETRIS® (brentuximab vedotin), PADCEV® (enfortumab
vedotin), TIVDAK® (tisotumab vedotin) and TUKYSA® (tucatinib),
Pfizer’s industry-leading Oncology portfolio now includes over 25
approved medicines and biosimilars across more than 40 indications,
including nine medicines that are either blockbuster or have the
potential to be blockbuster.
With the addition of Seagen, Pfizer’s Oncology pipeline has
doubled in size with 60 programs spanning multiple modalities,
including ADCs, small molecules, bispecifics and other
immunotherapies. Moving forward, Pfizer will leverage its leading
protein engineering and medicinal chemistry capabilities to advance
Seagen’s ADC technology, unlocking potential novel combinations and
next-generation biologics.
“This is a great day for Pfizer, and, more importantly, for
people living with cancer, as we bring together the game-changing
science and top talent of Seagen and Pfizer to form a leading
Oncology organization,” said Chris Boshoff, Chief Oncology Officer
and Executive Vice President, Pfizer. “Driven by science and a
passion for improving and extending patients’ lives, together, we
will work with urgency towards our common purpose to deliver
transformative cancer medicines and bring new hope to people living
with cancer everywhere.”
As previously disclosed, to address U.S. Federal Trade
Commission concerns, Pfizer has chosen to irrevocably donate the
rights of royalties from sales of Bavencio® (avelumab) in the U.S.
to the American Association for Cancer Research (AACR). This
unrestricted donation will support AACR in its mission to prevent
and cure cancer through research, education, communication,
collaboration, science policy, and funding for cancer research.
Guggenheim Securities, LLC served as Pfizer’s financial advisor
and Wachtell, Lipton, Rosen & Katz and Arnold & Porter Kaye
Scholer LLP served as Pfizer’s legal advisors. Centerview Partners
LLC served as Seagen’s financial advisor and Sullivan &
Cromwell LLP served as Seagen’s legal advisor. MTS Health Partners
also provided financial advice to Seagen.
Prescribing Information for Legacy
Seagen Medicines
Please see full Prescribing Information for ADCETRIS®
(brentuximab vedotin).
Please see full Prescribing Information for PADCEV® (enfortumab
vedotin).
Please see full Prescribing Information for TIVDAK® (tisotumab
vedotin).
Please see full Prescribing Information for TUKYSA®
(tucatinib).
About Pfizer Oncology
At Pfizer Oncology, we are at the forefront of a new era in
cancer care. Our industry-leading portfolio and extensive pipeline
includes game-changing mechanisms of action to attack cancer from
multiple angles, including antibody-drug conjugates (ADCs), small
molecules, bispecifics and other immunotherapies. We are focused on
delivering transformative therapies in some of the world’s most
common cancers, including breast cancer, genitourinary cancer and
hematologic malignancies, as well as melanoma, gastrointestinal,
gynecological and thoracic cancers, which includes lung cancer.
Driven by science, we are committed to accelerating breakthroughs
to extend and improve patients’ lives.
About Pfizer: Breakthroughs That Change Patients’
Lives
At Pfizer, we apply science and our global resources to bring
therapies to people that extend and significantly improve their
lives. We strive to set the standard for quality, safety and value
in the discovery, development and manufacture of health care
products, including innovative medicines and vaccines. Every day,
Pfizer colleagues work across developed and emerging markets to
advance wellness, prevention, treatments and cures that challenge
the most feared diseases of our time. Consistent with our
responsibility as one of the world's premier innovative
biopharmaceutical companies, we collaborate with health care
providers, governments and local communities to support and expand
access to reliable, affordable health care around the world. For
more than 170 years, we have worked to make a difference for all
who rely on us. We routinely post information that may be important
to investors on our website at www.pfizer.com. In addition, to
learn more, please visit us on and follow us on Twitter at @Pfizer
and @Pfizer News, LinkedIn, YouTube and like us on Facebook at
Facebook.com/Pfizer.
Disclosure Notice: The information contained in this
press release is as of December 14, 2023. Pfizer assumes no
obligation to update forward-looking statements contained in this
release as the result of new information or future events or
developments.
This press release contains forward-looking information about,
among other topics, Pfizer’s acquisition of Seagen, Seagen’s ADC
technology, Pfizer’s Oncology portfolio and Seagen’s commercialized
and pipeline products, including their potential benefits,
anticipated revenue contribution and growth and potential
blockbuster status, that involves substantial risks and
uncertainties that could cause actual results to differ materially
from those expressed or implied by such statements. Risks and
uncertainties include, among other things, risks related to the
ability to realize the anticipated benefits of the acquisition,
including the possibility that the expected benefits from the
acquisition will not be realized or will not be realized within the
expected time period; the risk that the businesses will not be
integrated successfully; disruption from the transaction making it
more difficult to maintain business and operational relationships;
negative effects of the consummation of the acquisition on the
market price of Pfizer’s common stock and/or operating results;
significant transaction costs; unknown liabilities; other business
effects and uncertainties and the uncertainties inherent in
business and financial planning, including the effects of industry,
market, business, economic, political or regulatory conditions;
risks related to Pfizer’s business and prospects, adverse
developments in Pfizer’s markets, or adverse developments in the
U.S. or global capital markets, credit markets, regulatory
environment or economies generally; future exchange and interest
rates; changes in tax and other laws, regulations, rates and
policies; future business combinations or disposals; uncertainties
regarding the commercial success of Pfizer’s and Seagen’s
commercialized and pipeline products; the uncertainties inherent in
research and development, including the ability to meet anticipated
clinical endpoints, commencement and/or completion dates for
clinical trials, regulatory submission dates, regulatory approval
dates and/or launch dates, as well as the possibility of
unfavorable new clinical data and further analyses of existing
clinical data; risks associated with interim data; the risk that
clinical trial data are subject to differing interpretations and
assessments by regulatory authorities; whether regulatory
authorities will be satisfied with the design of and results from
the clinical studies; whether and when drug applications may be
filed in any jurisdictions for Pfizer’s or Seagen’s pipeline
products; whether and when any such applications may be approved by
regulatory authorities, which will depend on myriad factors,
including making a determination as to whether the product's
benefits outweigh its known risks and determination of the
product's efficacy and, if approved, whether any such products will
be commercially successful; decisions by regulatory authorities
impacting labeling, manufacturing processes, safety and/or other
matters that could affect the availability or commercial potential
of such products; uncertainties regarding the impact of COVID-19;
and competitive developments.
A further description of risks and uncertainties can be found in
Pfizer’s Annual Report on Form 10-K for the fiscal year ended
December 31, 2022 and in its subsequent reports on Form 10-Q,
including in the sections thereof captioned “Risk Factors” and
“Forward-Looking Information and Factors That May Affect Future
Results”, as well as in its subsequent reports on Form 8-K, all of
which are filed with the U.S. Securities and Exchange Commission
and available at www.sec.gov and www.pfizer.com.
All trademarks mentioned are the property of their respective
owners.
Category: Corporate, Investments
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Media Contact: +1 (212) 733-1226 PfizerMediaRelations@Pfizer.com
Investor Contact: +1 (212) 733-4848 IR@Pfizer.com
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