Pfizer bought Seagen, which specializes in the fight against cancer

Pfizer said it has completed its $43 billion takeover of biotech company Seagen, which the pharmaceutical giant says will allow it to double its oncology platform, AFP reported.
"This is a great day for Pfizer and, more importantly, for people living with cancer, as we bring together game-changing science and the best talent of Seagen and Pfizer to create a leading organization in the field of oncology," said Pfizer Chief Oncology Officer Chris Boshoff.
Pfizer, whose earnings have shrunk significantly as demand for products linked to Covid-19 has declined, announced the all-cash purchase in March.
Seagen, based in Washington state, has attracted the attention of major drugmakers with its work on antibody conjugates -- all drugs that are "designed to preferentially kill cancer cells."
Pfizer shares fell sharply on Dec. 13 after forecasting lower-than-expected earnings for 2024. The profit is expected to be reduced by roughly 40 cents per share in costs to finance the Seagen acquisition.
"With one of the largest investments in Pfizer's history, we are fully focused on the fight against cancer with the goal of achieving breakthroughs that will dramatically improve the lives of cancer patients," said Pfizer CEO Albert Burla.
"We believe that oncology will be a significant growth driver for Pfizer and will significantly contribute to the achievement of our short-term and long-term financial goals"./BGNES