EU Commission Approves Pfizer’s Takeover of Seagen

20.10.2023 - The US pharmaceutical company Pfizer has been cleared to acquire Seagen, a biotech company focused on developing cancer treatments.

The EU Commission concluded that there were no competition concerns and approved the takeover without conditions, the Brussels-based authority announced yesterday.

The Commission found, among other things, that the merger should not have a negative impact on prices. Pfizer is best known in Germany for its cooperation with German company BioNTech to develop a Covid-19 vaccine.

In March, Pfizer had announced it would pay $229 per share for the cancer specialist. Seagen is thus valued at $43 billion (€40 billion).

Washington, US-based Seagen is a pioneer of antibody-drug conjugates, are designed to destroy tumors while sparing healthy tissue.

Pfizer expressed confidence at the time that the company could contribute more than $10 billion in revenue by 2030, depending on progress with its products – with significant upside potential thereafter. The acquisition was reportedly notifiable in Germany, Austria and Cyprus.

The two companies had developed the world's first approved corona vaccine. Seagen specializes, among other things, in targeted therapies for cancer treatment.