Pfizer will pay $229 a share in cash for Seagen, according to a statement Monday, about a third more than the drugmaker's closing share price Friday. It expects the deal to close late this year or early 2024.
Seagen shares rose 16 per cent in premarket trading as of 10 am in New York, bringing its market value to $37.3 billion. Pfizer rose 1.8 per cent. Through Friday's close, Seagen had gained 34 per cent since the year began.
The acquisition is by far the biggest takeover of this year, during which overall dealmaking has been down by more than 50 per cent, according to M&A data compiled by Bloomberg. After some companies that were struggling to find cash were threatened by the collapse of Silicon Valley Bank, the deal shows how Big Pharma can extend a lifeline.
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