17:10 - 13.03.2023

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March 13, Fineko/abc.az. Pfizer Inc., the largest pharmaceutical company in the U.S., has reached an agreement on purchase of rival Seagen Inc., specializing in anti-cancer drugs, for $43 bn.

Companies’ joint press release says that Pfizer will pay $229 per share of Seagen (32.7% higher than the quotes of company's securities at the close of trading last Friday).

The transaction was unanimously approved by the boards of directors of both companies. It is expected that it will be closed in late 2023 or early 2024. The acquisition will be paid for using Pfizer's available cash, short-term financing and the placement of new long-term bonds in the amount of $31 bn.

Seagate expects to receive revenue in 2023 in the amount of $2.2 bn, predicting an increase of 12% compared with last year. Pfizer estimates that revenue could reach $10 bn a year by 2030.