Pfizer Stock ( NYSE:PFE )
According to a story published by The Wall Street Journal late on Sunday night, the multinational pharmaceutical corporation Pfizer ( NYSE:PFE ) is reportedly in discussions to acquire the cancer-focused biotechnology company Seagen ( NASDAQ:SGEN ) in a deal that could be worth more than $30 billion.
This marks the second time around for Seagen ( NASDAQ:SGEN ), which, according to reporting from the Journal at the time, was in discussions with Merck (NYSE:MRK) over the summer of last year. According to Bloomberg, the companies involved were unable to come to an agreement on the purchase price, which led to the termination of the transaction.
Pfizer’s Acquisition of Seagen
Pfizer ( NYSE:PFE ) will now have their chance to speak. In the premarket trading session, shares of Seagen ( NASDAQ:SGEN ) rose by 13.2%. As of last Friday, the market valuation of the company was $30.1 billion; for Pfizer to acquire the company, it would likely require them to pay a premium to that price. The Pfizer stock was trading 1.4% lower before the market opened.
Pfizer, which is continuing to build up its portfolio and late-stage pipeline as it prepares for a number of its top-selling drugs to go off-patent toward the end of the decade, could stand to benefit greatly from the agreement. Pfizer is doing this as it prepares for a number of its top-selling drugs to go off-patent toward the end of the decade. Yet, it is by no means a done deal...
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