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Seagen shareholders approve acquisition bid by Pfizer

Seattle-based, global biotechnology firm Seagen Inc has announced recently that its shareholders voted to support a motion to adopt the previously disclosed merger agreement under which Pfizer will acquire Seagen for $229 per share in cash at a special meeting.

In a statement, the company informed that more than 99% of the shares voted at the meeting in favour of the merger agreement, representing roughly 88% of the shares of Seagen common stock issued and outstanding as of the record date for the special meeting.

Commenting on the outcome of the shareholders meeting, Chief Executive Officer of Seagen, David Epstein, said, “We are pleased with the outcome of today’s special meeting vote to approve Seagen’s acquisition by Pfizer and thank our stockholders for their support for this compelling transaction.”

“The affirmative vote brings us one step closer to joining Pfizer to accelerate our ability to deliver transformative cancer medicines to more patients in need around the world,” he added.

Also Read:

- Pfizer to acquire Seagen for $43 billion


Seagen stated that it will file the final, certified voting results in a Form 8-K with the U.S. Securities and Exchange Commission.

The transaction is scheduled to close in late 2023 or early 2024, subject to the fulfilment of standard closing conditions, including the receipt of needed regulatory clearances.

It may be recalled that according to media reports, the Pharma Giant Pfizer has agreed to shell out $43 billion for acquiring Seagen, which recorded $2 billion in 2022, showing a 25% growth over the previous year.

Analysts at Pfizer expect that Seagen's products may generate $10 billion in annual revenue by 2030, with growth beyond that due to its robust pipeline.


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