(Brussels) The European Commission on Thursday unconditionally approved the purchase by the American pharmaceutical giant Pfizer of the biotech Seagen, specializing in oncological treatments, for 43 billion dollars, or 41 billion euros.
The Commission explained that “the operation would not pose competition problems” in Europe. Pfizer, which is seeking to diversify, announced in March the acquisition of this growing company, also based in the United States.
Seagen, whose four treatments have already been approved by American authorities, has forecast a 12% jump in its turnover in 2023, to $2.2 billion.
Pfizer had indicated that it hoped to complete this acquisition at the end of 2023 or early 2024, once the various regulatory green lights have been obtained.
The group, which develops and sells drugs around the world, achieved record results in 2022, benefiting in particular from sales of its anti-COVID-19 vaccine developed with the German laboratory BioNTech.
Its turnover reached 100 billion dollars and its net profit 31 billion.
Seagen has developed targeted therapies, with the aim of targeting cancer cells with greater precision, thus reducing side effects, a promising technology.
“Oncology remains the main engine of growth in medicine in the world, and this acquisition will strengthen Pfizer’s position,” said Pfizer boss Albert Bourla to justify the takeover.
Cancer treatments currently marketed by Pfizer, particularly for breast and prostate cancer, generated $12.1 billion in revenue in 2022.
The group estimates that the acquisition of Seagen will allow it to double the number of oncology drugs in its development pipeline and predicts that Seagen could contribute $10 billion to its turnover in 2030.