Pfizer to buy cancer drug maker Seagen for $43 bln

STORY: Cancer drug maker Seagen is being acquired by Pfizer for $43 billion.

The deal was announced Monday (March 13).

It’s Pfizer’s largest since its acquisition of Wyeth in for $67 billion in 2009.

The pharmaceuticals giant hopes the new deal will bulk up its portfolio of cancer treatments.

It’s been on the hunt for takeover in a bid to offset big drops in revenue as patents expire for some of its top drugs.

Pfizer has also seen the boost from the global health crisis fade away.

Now it expects more than $10 billion in sales from Seagen in 2030.

The Washington-based firm is a pioneer in new types of medicines designed to precisely target cancers, while sparing healthy cells.

Pfizer-rival Merck & Co. was in advanced talks to take over Seagen last year.

However, that deal collapsed amid anti-trust concerns.

Now Pfizer says it will pay $229 per Seagen share to seal the takeover.

That’s a premium of nearly a third over Friday’s (March 10) closing price.