Pfizer Makes $43B Deal With Cancer Drugmaker Seagen

Pfizer ($PFE@US) made a $43 billion deal with cancer drugmaker Seagen on Monday as the drugmaker braces for a steep fall in COVID-19 product sales and loss of exclusivity for some top sellers. The deal will add four approved cancer therapies with combined sales of nearly $2 billion in 2022. Pfizer will pay $229 in cash per Seagen ($SGEN@US) share, a 32.7 percent premium to Friday’s closing price. Pfizer is making acquisitions in an effort to soften the blow of an anticipated $17 billion drop in revenue by 2030 due to patent expirations for top drugs and a decline in demand for its Covid products.