Pfizer and Seagen announced today that they entered into an agreement under which Pfizer acquires Seagen for $43 billion. The price of the acquisition comes to $229 in cash per Seagen share, totaling $43 billion. Both companies’ boards unanimously approved the transaction. Seagen develops antibody-drug conjugate (ADC) technology. Four of the 12 total FDA-approved and…
Pfizer considers bolstering its oncology standing through $30B Seagen acquisition
Big Pharma giant Pfizer (NYSE:PFE) is reportedly in talks to acquire Seagen (Nasdaq:SGEN). Founded in 1998, Seagen — formerly known as Seattle Genetics — helped pioneer a cancer therapy known as antibody drug conjugates that work like a guided missile attacking tumors with toxic agents. Last year, Segan installed David Epstein as its CEO after its…
Pfizer to invest billions in plants in Europe
Pharma giant Pfizer (NYSE:PFE) plans to spend more than $2.5 billion in facilities in Belgium and Ireland as it looks to diversify its product portfolio, according to Reuters. In 2021, Pfizer generated $36.9 billion in sales from the Comirnaty COVID-19 vaccine. The company projects its COVID-19 vaccine to rake in $34 billion in 2022, but COVID-related sales…
Pfizer beats The Street in Q3, raises guidance
Pfizer (NYSE:PFE) shares ticked up before hours on third-quarter results that topped the consensus forecast. Shares of PFE ticked up 3.7% at $48.29 apiece before the market opened today. The New York-based pharmaceutical giant posted profits of $8.6 billion. That amounts to $1.51 per share on sales of $22.6 billion for the three months ended…
Developers of Pfizer/BioNTech COVID-19 vaccine to establish Asia-Pacific mRNA R&D center
mRNA Victoria announced today that the developers of the Pfizer/BioNTech COVID-19 vaccine will establish a clinical R&D center in the Asia-Pacific region. The center enables Victorian and Australian researchers to advance the next generation of mRNA vaccines and therapies. The R&D center aims to facilitate partnerships on scientific mentoring, business development advice and drug design.…
Pfizer and Moderna seek FDA nod for omicron-adapted COVID boosters in children
Pfizer/BioNTech (NYSE:/PFE, Nasdaq BNTX) and Moderna (Nasdaq:MRNA) have both won emergency use authorizations in the U.S. for bivalent vaccine boosters based on BA.4/BA.5. Pfizer is aiming to win authorization to use its updated COVID-19 vaccine in children aged 5 through 11 years. Moderna has requested that FDA greenlight the use of its omicron booster in…
Pfizer to provide up to 6 million Paxlovid courses to developing countries
Pfizer (NYSE:PFE) has reached an agreement to supply as many as six million courses of its oral COVID-19 antiviral Paxlovid (nirmatrelvir and ritonavir) to the Global Fund, which seeks to help more than 100 low-to-middle income countries fight diseases such as COVID-19, HIV, tuberculosis and malaria. Pfizer notes that the agreement with the Global Fund is…
Pfizer’s plan to acquire GBT for $5.4B hits legal speed bump
In early August, Pfizer (NYSE: PFE) announced its intent to acquire Global Blood Therapeutics (Nasdaq:GBT) for $68.50 per share, or approximately $5.4 billion. Now, however, investors are pushing back, alleging that GBT executives made incomplete and misleading statements to win shareholder approval for the prospective deal. In a complaint filed in the Southern District of…
Pfizer and BioNTech get positive CHMP opinion for updated bivalent BA.4/BA.5-adapted COVID-19 vaccine booster
Pfizer (NYSE: PFE) and its partner BioNTech (Nasdaq:BNTX) could potentially win authorization to market a 30-µg booster dose of their omicron BA.4/BA.5 bivalent-adapted COVID-19 vaccine after the Committee for Medicinal Products for Human Use (CHMP) backed the vaccine for individuals 12 and older. The European Commission will likely make a final decision on the updated…
Pfizer CEO tests positive for COVID-19
Pfizer’s (NYSE:PFE) CEO Dr. Albert Bourla acknowledged in a statement that he has COVID-19. Bourla, who is 60, has received four doses of the Pfizer-BioNTech Comirnaty vaccine. He also has begun taking a course of the company’s antiviral Paxlovid. The Pfizer CEO notes that symptoms to date have been very mild. Pfizer’s revenue has soared during the…