Pfizer today announced the acquisition of a biotech firm, Seagen at a value of $43 billion (which is around RM193.36 billion). The takeover transaction is expected to be fully completed by the end of 2023, or early next year.
Seagen is one of the firms that focuses on the development of medicine for the treatment of cancer. Seagen is also developing ADCs (antibody-drug conjugates) that are said to be designed to kill cancer cells.
This acquisition is expected to give Pfizer an advantage in leading the medical arena involving cancer compared to a number of other competitors. Pfizer itself aims for the acquisition of Seagen to contribute to revenues of more than $10 billion by 2030.
As usual, this takeover transaction will go through various phases, including confirmation from the authorities before it is fully completed.
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BUSINESS & MONEY