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...And it plans to acquire oncology-focused biotech Seagen for $43bn, which it expects to contribute more than $10bn in 2030 sales....
...Contributions from the company’s acquisitions — notably the $43bn purchase of cancer biotechnology company Seagen — have yet to move the needle....
...To make up for the shortfall in its pipeline, the US drugmaker earlier this year announced plans to buy Seagen, an oncology drugmaker, for $43bn; a deal Pfizer said it expected to close on Thursday....
...With that record, investors might be sceptical whether the Seagen deal will revive the top line....
...Seagen shares were up 14.5 per cent at $197.65....
...Shares in Pfizer added about 1 per cent on Friday, while Seagen was up about 0.9 per cent....
...Several analysts have said that Pfizer’s proposed $43bn purchase of Seagen, announced in March, could also come under threat from the FTC....
...Pfizer said it would begin offloading its 32 per cent stake in consumer health business Haleon as it focuses on reducing debt linked to its $43bn acquisition of Seagen and boosting returns to shareholders...
...The US drugmaker was reportedly in talks with oncology-focused Seagen about a potential deal last year but did not move forward with a transaction....
...Prometheus comes just weeks after Pfizer spent $43bn acquiring SeaGen, a maker of cancer treatments, previously pursued by Merck. Late last year, Amgen bought Horizon Therapeutics for $28bn....
...Shares in oncology-focused biotech Seagen, which Pfizer has agreed to buy for $43bn, also fell amid fears the agency could target other deals in the sector....
...The lawsuit also hit Seagen, which slid more than 5 per cent as investors weighed the possibility of the FTC targeting other deals in the sector....
...through on their mission to draw a tougher line on antitrust.Still outstanding are large contested deals, including Amgen’s planned $28bn takeover of Horizon Therapeutics and Pfizer’s $43bn acquisition of Seagen...
...The acquisition of SeaGen will help replenish Merck’s drug pipeline....
...SeaGen also recently signed a partnership with French drugmaker Sanofi and has agreements with Takeda and Bristol Myers Squibb among others. SeaGen declined to comment....
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