Pfizer gets OK for $43-bln Seagen deal after donating cancer drug rights (updated)
12/12/2023 12:01
(Adds deal details and background throughout)
Dec 12 (Reuters) - Pfizer PFE.N said on Tuesday it has
agreed to donate the rights of royalties from sales of cancer
drug Bavencio to address concerns from U.S. antitrust regulators
related to its $43-billion deal to buy Seagen SGEN.O .
Pfizer said it had now received all regulatory approvals to
close the deal on Thursday.
The drugmaker in March agreed to buy Seagen and its targeted
cancer therapies as it braces for a steep fall in COVID-related
sales and generic competition for some top-selling drugs.
However, the U.S. Federal Trade Commission sent a request
for more information on the deal to the companies in July.
Washington-based Seagen is a pioneer of antibody-drug
conjugates, which work like "guided missiles" designed to
destroy cancer while sparing healthy cells.
(Reporting by Manas Mishra in Bengaluru; Editing by Shounak
Dasgupta)
((Manas.Mishra@thomsonreuters.com;
www.twitter.com/Manaswrites15))