Seagen rumor mill spins again with Pfizer $30bn+ deal

After Merck & Co. failed in its alleged bid last year, Pfizer is the latest firm said to be eyeing up antibody-drug conjugate (ADC) developer Seagen.

Seagen (previously Seattle Genetics) is a pioneer in the antibody-drug conjugate (ADC) space, having brought three of the 12 commercially available products to market.

In June last year, the Wall Street Journal reported Merck & Co. was interested in buying the Bothell, Washington to boost its oncology portfolio and pipeline. But with talks supposedly falling through, the same outlet reported Sunday Pfizer is now in talks to acquire the ADC maker, citing people familiar with the matter.

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If a deal were to come to fruition, Pfizer would add around 10 candidates to its pipeline, along with the approved cancer products products Adcetris (brentuximab vedotin), Padcev (enfortumab vedotin), Tivdak (tisotumab vedotin), and Tuksya (tucatinib).

Seagen has also built up its manufacturing network, with a $350-400 million greenfield biomanufacturing site in Everett, Washington under construction set to accompany its existing site in nearby Bothell.

For the full year 2022, Seagen reported net product sales of $1.7 billion, but the firm has a market value of $30 billion, and according to the reports Pfizer is likely to pay a premium on top.