Pfizer has entered a $43 billion merger agreement with biotechnology firm Seagen. The deal is designed to bolster the pharmaceutical giant's efforts to fight cancer by scaling up the production of a promising antibody drug.
“Pfizer is deploying its financial resources to advance the battle against cancer, a leading cause of death worldwide with a significant impact on public health,” said CEO Dr. Albert Bourla.
“Together, Pfizer and Seagen seek to accelerate the next generation of cancer breakthroughs and bring new solutions to patients by combining the power of Seagen’s antibody-drug conjugate (ADC) technology with the scale and strength of Pfizer’s capabilities and expertise."
ADCs are designed to kill cancer cells and limit off-target toxicities. Bourla noted that oncology is the "largest growth driver in global medicine," and that the deal would improve Pfzier's position in the space.
Seagen forecast $2.2 billion in revenue in 2023, up 12 percent from last year. Pfizer said the company could contribute $10 billion in risk-adjusted revenues by 2030. This would supplement the company's existing oncology division, which brought in $12 billion in revenue in 2022 with a combination of prostate cancer and the breast cancer treatments.
“Pfizer shares our steadfast commitment to patients, and this combination is a testament to the passion, dedication and talent of the Seagen team to achieve our mission to discover, develop, and commercialize transformative cancer medicines that make a meaningful difference in people’s lives,” said Seagan CEO David Epstein.
Over 1,400 props from classic movies like Star Wars, Shawshank Redemption and Gladiator will be up for auction next month in what experts say will be one of the largest memorabilia auctions in the world.
The Consumer Federation of America released its annual list of top complaints filed with consumer agencies across the country.
Google is using new artificial intelligence models to generate descriptions for YoutTube shorts.
The European Union and Google are looking to develop a voluntary artificial intelligence pact with European and non-European companies ahead of rules to govern the technology.
The Federal Trade Commission is investigating whether baby formula makers colluded in bidding on state contracts, according to documents posted on the agency's website.
Target will stop selling some of its Pride gear over concerns about safety for its workers because of "threats."
Tesla is expected to choose the location for its next factory by the end of the year, Elon Musk announced at an event on Tuesday, with India, South Korea and Indonesia in the running.
Target is removing some items from its stores and making other changes to its LGBTQ+ merchandise nationwide ahead of Pride month after intense backlash from some customers who confronted workers and tipped over displays.
Rebecca Walser, tax attorney, financial Planner, and wealth strategist, joins this edition of Stretching Your Dollar to offer some tips on how to save for an emergency.
A worldwide swoon for financial markets is carrying over to Wall Street, and stocks are falling further on Wednesday.
