Pfizer acquires Seagen for $229/share in $43B cash deal to boost oncology

PFIZER INC

Acquisition of Seagen for $229 per share in cash; total enterprise value approximately $43 billion.
Seagen expected to generate ~$2.2B revenue in 2023 and contribute >$10B risk-adjusted revenue by 2030.
Pfizer to finance with $31B new long-term debt; deal expected to be neutral to slightly accretive to adjusted EPS in 3-4 years.
Transaction expected to close in late 2023 or early 2024, subject to shareholder vote and regulatory approvals.
Baker Bros. Advisors, holding significant Seagen shares, entered voting agreement to support the merger.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.98

PFIZER INC entered into Agreement and Plan of Merger with Seagen Inc. valued at $229.00 per share (effective 2023-03-12).

Action: entry
Agreement: merger
Counterparty: Seagen Inc.
Value: $229.00 per share
Effective: 2023-03-12

Exact text from the filing

On March 12, 2023, Pfizer Inc. (“ Pfizer ”) entered into an Agreement and Plan of Merger (the “ Merger Agreement ”) by and among Pfizer, Seagen Inc. (“ Seagen ”) and Aris Merger Sub, Inc., a wholly owned subsidiary of Pfizer (“ Merger Sub ”), pursuant to which, among other things, Merger Sub will be merged with and into Seagen (the “ Merger ”), with Seagen surviving the Merger as a wholly owned subsidiary of Pfizer.

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Source: SEC EDGAR

accession 0001193125-23-068538

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