In this photo illustration, the American multinational pharmaceutical corporation Pfizer logo is seen displayed on a smartphone with an economic stock exchange index graph in the background. (Photo Illustration by Budrul Chukrut/SOPA Images/LightRocket via Getty Images)
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.
A bipartisan group of two dozen lawmakers is asking the Securities and Exchange Commission to put the brakes on an initial public offering by Chinese fast fashion retailer Shein until it verifies it does not use forced labor from the country’s predominantly Muslim Uyghur population.
Pilots at American Airlines have voted to authorize a strike, and Southwest Airlines pilots are preparing to join them, as unions put more pressure on the airlines to approve new contracts with hefty pay raises.
Cheddar News takes a look at The Day Ahead as the Federal Reserve's two-day meeting kicks off on Tuesday while earnings season continues with some big-name companies such as Ford, Pfizer, Starbucks and Uber on tap to report quarterly results. The JOLTS report is also due to be released ahead of April job numbers.
Dan Geltrude, managing partner of Geltrude & Co., joined Cheddar News to discuss why it's vital for a college student to begin budget preparations early for college tuition. "It's developing good financial habits," he said. "I'm a strong proponent that in high school, there should be some teaching, some course ... about personal finance."
