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Seagen

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businessfinance2 years ago•2 min saved

"Pfizer's Seagen Acquisition Boosts Earnings Despite Covid Slump"

Pfizer's recent earnings report showed mixed results, with a beat on earnings per share but a miss on revenue expectations, leading to disappointment on Wall Street. CEO Albert Bourla believes the company's $43 billion acquisition of Seagen, an oncology company specializing in antibody drug conjugates (ADCs), will provide the next big opportunity for growth. The acquisition is seen as a way to fill revenue gaps from patent expirations and provide a potential blockbuster pipeline. Despite investor disappointment, analysts are optimistic about Pfizer's future, especially with Seagen's drug Padcev expected to bring in $3.1 billion this year.

via Yahoo Finance|

#acquisition #adcs #businessfinance

business2 years ago•4 min saved

Pfizer's Disappointing 2024 Outlook Raises Concerns for Stock's Future

Pfizer's stock price fell about 8% after the company issued guidance for 2024 that fell short of Wall Street's expectations. The decline is largely attributed to the rapidly eroding sales of Pfizer's COVID-19 vaccine and antiviral treatment. However, the long-awaited acquisition of cancer drug developer Seagen is expected to contribute to Pfizer's growth, with Seagen's therapies projected to generate $3.1 billion in sales next year. Additionally, Pfizer has other growth drivers, such as Vyndaqel, a rare disease drug. Despite the recent drop in stock price, analysts suggest holding onto Pfizer shares and potentially buying more on the dip, as the company's earnings growth prospects remain positive.

via Yahoo Finance|

#business #earnings #pfizer

business2 years ago•2 min saved

Pfizer's $43B Seagen Acquisition Set to Reshape Biotech Market

Pfizer's $43 billion acquisition of Seagen is set to clear this week after regulatory approval, impacting the Seattle biotech market. Experts believe that Pfizer is likely to trust Seagen's expertise in antibody drug conjugates (ADCs) and keep the company's operations in the Pacific Northwest. The acquisition serves as a positive sign for the biotech market, indicating strong fundamentals and potential for more acquisitions. Seagen's long-term employees may become active angel investors, supporting the next generation of companies in the region. Pfizer's involvement may help streamline Seagen's growth while maintaining its dynamic and nimble approach.

via GeekWire|

#acquisition #biotech #business

business2 years ago•2 min saved

Pfizer's Stock Plummets on Bleak 2024 Outlook and Seagen Takeover Concerns

Pfizer's stock plunged 9% after the company issued disappointing 2024 guidance ahead of its acquisition of Seagen. The guidance fell far below analysts' expectations, with projected sales and earnings per share falling short. Pfizer's outlook includes sales from Seagen and Covid products, but both missed projections. The stock decline reflects the struggles faced by Covid product makers as demand for booster shots decreases. Pfizer's acquisition of Seagen is part of its expansion into the cancer space.

via Investor's Business Daily|

#business #guidance #pfizer

business2 years ago•1 min saved

Pfizer's $43B Seagen Acquisition Approved

Pfizer has received regulatory approval for its $43 billion acquisition of biotech company Seagen. The deal is set to close on Thursday, and Pfizer plans to restructure its operations to incorporate Seagen into a new division called the Pfizer Oncology Division. Seagen, the largest biotech company in the Seattle area, will maintain its locations and resources under Pfizer's ownership. To secure approval, Pfizer will give up its royalties from the U.S. sales of the cancer treatment drug Bavencio, which will support the American Association for Cancer Research.

via GeekWire|

#acquisition #biotech #business

business2 years ago•2 min saved

Pfizer's $43B Seagen Deal Approved After Cancer Drug Donation

Pfizer expects to finalize its $43 billion acquisition of cancer drugmaker Seagen later this week and plans to establish a new oncology division incorporating the acquisition in early 2023. The company will split its commercial business into two divisions, one focused on the United States and the other on the rest of the world. Pfizer has received all necessary regulatory approvals and will close the deal on Thursday. To address concerns from U.S. antitrust regulators, Pfizer agreed to donate the rights of royalties from sales of cancer drug Bavencio to the American Association for Cancer Research.

via Reuters|

#acquisition #business #oncology

business2 years ago•1 min saved

Pfizer Secures $43B Seagen Deal, Donates Cancer Drug Rights

Pfizer has received approval from U.S. antitrust regulators for its $43-billion deal to acquire Seagen after agreeing to donate the rights of royalties from sales of cancer drug Bavencio. The deal is set to close on Thursday, and Pfizer plans to create a separate cancer drugs operation and split its commercial business into two divisions. Pfizer's Chief Commercial Officer will step down, and the company will donate the royalty rights for Bavencio to the American Association for Cancer Research. The U.S. Federal Trade Commission had previously requested more information on the Seagen deal.

via Yahoo Finance|

#antitrust-regulators #business #cancer-drug

healthcare2 years ago•0 min saved

Advancements in Bladder Cancer Treatment Revolutionize Standard of Care

The combination of Seagen and Astellas Pharma's Padcev with Merck's Keytruda has been hailed as the "new standard of care" in first-line bladder cancer, according to confirmatory trial data presented at the European Society for Medical Oncology (ESMO) conference. The combination therapy demonstrated significantly improved overall survival and progression-free survival compared to chemotherapy, potentially expanding the eligible patient population.

via Endpoints News|

#astellas-pharma #bladder-cancer #healthcare

business2 years ago•1 min saved

Market Volatility: Stocks Struggle Amid Rate Concerns

Ford's stock rose 3% as negotiations between the company and the United Auto Workers union progressed amidst the ongoing strike, while website builder Squarespace saw a 5% increase after UBS initiated coverage with a buy rating. Scholastic's stock plummeted over 14% following an earnings miss, and chip design stock Arm Holdings lost 2.3% after receiving a neutral rating from Susquehanna. Biotech firm Seagen's shares rose 3.5% after positive results from a clinical trial for bladder cancer treatment. Additionally, Deere's stock fell over 2% after being downgraded by Canaccord Genuity, and Chinese e-commerce stocks, including PDD, Alibaba, and JD.com, saw gains after reports of potential loosening of foreign investment cap rules by the Chinese government. Activision Blizzard's stock also rose 2% after a new deal proposal from Microsoft cleared major antitrust worries in the UK.

via CNBC|

#business #deere #ford

pharmaceuticals2 years ago•0 min saved

Seagen and Nurix Collaborate to Explore DACs as Potential ADC Alternatives

Seagen has partnered with Nurix to develop degrader-antibody conjugates (DAC), combining their expertise in antibody-drug conjugates (ADCs) and protein degradation. Seagen will pay $60 million upfront, with the potential for $3.4 billion in milestones and future royalties for Nurix.

via Endpoints News|

#adcs #degrader-antibody-conjugates #nurix

business2 years ago•1 min saved

Pfizer's $31 Billion Bond Sale Among Largest Ever, Funds Seagen Acquisition.

Pfizer plans to raise $31 billion in a debt sale to fund its $43 billion acquisition of Seagen, which is expected to be completed by early 2024. The sale will rank among the largest individual corporate bond sales in US history, marking the largest US corporate debt offering in five years. Despite concerns from investors and uncertainties surrounding the deal, the sale highlights a resurgence in the US corporate bond market after a weak April.

via Investopedia|

#acquisition #business #corporate-bond-sale

business2 years ago•2 min saved

Pfizer raises $31 billion in debt for Seagen acquisition and RSV shot development.

Pfizer plans to raise $31 billion through a debt offering to fund its proposed acquisition of cancer drugmaker Seagen, for what would be its largest takeover since 2009. The debt offering is expected to close on May 19, and the pharma giant's debt offering would be the biggest since CVS Health sold $40 billion of bonds in 2018 to finance its acquisition of health insurer Aetna. The Seagen deal is expected to strengthen Pfizer's portfolio of cancer drugs by bringing a class of antibody-drug conjugates, medicines that are designed to directly kill cancer cells and spare healthy ones.

via CNBC|

#acquisition #business #cancer-drugs

healthcare2 years ago•8 min saved

FDA grants accelerated approval to Seagen and Merck's combo for bladder cancer treatment.

Seagen and Merck's combination therapy of Padcev and Keytruda has received FDA accelerated approval for the first-line treatment of bladder cancer in patients who are ineligible for cisplatin-containing chemotherapy. The approval is based on positive data from a multi-cohort study, and analysts estimate that the market for cisplatin-ineligible urothelial carcinoma is worth $2.5 billion to $3 billion globally. The approval could potentially push Padcev into a multibillion-dollar market just as Pfizer prepares to acquire Seagen for $43 billion.

via Endpoints News|

#bladder-cancer #fda #healthcare

healthcare3 years ago•2 min saved

Pfizer's $43 Billion Seagen Deal to Revolutionize Cancer Therapy Delivery

Pfizer CEO Albert Bourla said the company's $43 billion acquisition of Seagen will allow it to deliver Seagen's cancer therapy at a scale not seen before. Seagen is a leading developer of medicine called antibody-drug conjugates (ADCs), which are designed to kill cancer cells and spare healthy ones. The acquisition will bulk up Pfizer's cancer treatment portfolio, bringing four approved cancer therapies with combined sales of nearly $2 billion in 2022. Pfizer expects to complete the transaction later this year or in early 2024.

via CNBC|

#adcs #cancer-therapy #healthcare