Pfizer wins unconditional EU antitrust okay for $43 bln Seagen buy
19/10/2023 15:45
By Foo Yun Chee
BRUSSELS, Oct 19 (Reuters) - U.S. pharmaceutical company
Pfizer PFE.N gained unconditional EU antitrust approval on
Thursday for its proposed $43 billion acquisition of cancer drug
maker Seagen SGEN.O .
Pfizer announced the deal in March, its largest purchase in
a string of recent acquisitions thanks to a once-in-a-lifetime
cash windfall from its COVID-19 vaccine and treatment.
The European Commission said the deal would not
significantly reduce competition in the 27-country European
Union nor would it have a negative impact on prices.
"The proposed merger would not raise competition concerns,"
the EU antitrust watchdog said in a statement.
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 Foo Yun Chee)
((foo.yunchee@thomsonreuters.com; +32 2 585 2866; Reuters
Messaging: foo.yunchee.thomsonreuters.com@reuters.net))