Yahoo Finance Live’s Julie Hyman discusses reports that Pfizer is aiming to acquire Seagen in a $43 billion deal.
Video Transcript
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JULIE HYMAN: Something else non-SVB related that's happening today, Pfizer is looking beyond COVID. It's set to buy a company called Seagen in a $43 billion deal. Seagen, a biotech drug developer where its key products focus on cancer treatment while trying to spare surrounding healthy tissue.
And Pfizer is looking to deepen its push into treating cancer as it braces for a decline in sales of COVID-19 products. Pfizer said in its agreement it would pay $229 cash per Seagen share. This is something that's been reported upon and speculated upon here.
Interesting, Pfizer initially was trading lower on this confirmation of this deal. Now, the shares are up 2%. And we're gonna take a deeper dive into this. In the 11:00 AM hour, I will be speaking with the Pfizer CEO Albert Bourla about this deal, which is a rather large one for the drugmaker.
