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.
An independent watchdog within the IRS reports that while taxpayer services have vastly improved, the agency is still too slow to resolve identity theft cases. And National Taxpayer Advocate Erin Collins says those delays are “unconscionable.” Erin M. Collins said in the report released Wednesday that overall the 2024 filing season went smoothly, though IRS delays in resolving identity theft victim assistance cases are worsening. It took nearly 19 months to resolve self-reported identity theft cases as of January, and Wednesday's report states that now it takes 22 months to resolve these cases.
Amazon.com Inc. surpassed $2 trillion in market value for the first time in afternoon trading on Wednesday. The push higher for Amazon’s stock market valuation comes a little more than a week after Nvidia hit $3 trillion and briefly became the most valuable company on Wall Street. Nvidia’s chips are used to power many AI application and its valuation has soared as a result. Amazon has also been making big investments in AI as global interest has grown in the technology. Most of the company’s focus has been on business-focused products.
Climate change doesn’t just mean more extreme weather – it also leads to billions of dollars in lost productivity, tourism, and stresses infrastructure.
It’s an annual tradition: the Fed’s banking ‘stress test.’ A year after the regional banking crisis, there are good reasons to make sure they’re prepped.
Summer is upon us, which means weddings, trips overseas, and trips to see Taylor Swift. Avoid a “Cruel Summer” with these budget-friendly tips and tricks.
While Nvidia's meteoric rise led it to briefly dethrone Microsoft as the world's biggest public company, there's a lot more going on in this market than A.I.
