Pfizer to Acquire Cancer Treatment Company Seagen for $43 Billion
The acquisition of Seagen, which is expected to close later this year or in early 2024, adds it to a list of companies that Pfizer owns.
Mar. 13 2023, Published 1:07 p.m. ET
Pharmaceutical giant Pfizer announced on March 13, 2023, that it's buying Seattle-based biotech company Seagen Inc. for about $43 billion. Seagen develops cancer medicines using antibody-drug conjugates (ADCs) that can carry toxins to cancerous tumors to kill them.
“Together, Pfizer and Seagen seek to accelerate the next generation of cancer breakthroughs and bring new solutions to patients,” said Dr. Albert Bourla, Pfizer chairman and CEO, in a press release. “Oncology continues to be the largest growth driver in global medicine, and this acquisition will enhance Pfizer’s position in this important space and contribute meaningfully to the achievement of Pfizer’s near and long-term financial goals.”
So, what other companies does Pfizer own?
What companies does Pfizer own?
The acquisition of Seagen, which is expected to close later this year or in early 2024, adds to the extensive list of companies that Pfizer owns. According to the research firm Tracxn, Pfizer has acquired about 37 companies to the tune of almost $141 billion. Pfizer has also invested in about 99 companies specializing primarily in oncology, neurology, and genomics.
Here are eight companies owned by Pfizer, Inc.
Array BioPharma
Array BioPharma develops small-molecule drugs for treating cancer patients. Pfizer bought the company in 2019 for $11.4 billion.
Biohaven Pharmaceutical
Pfizer bought Biohaven Pharmaceutical in May 2022 for $11.6 billion. The company, based in New Haven, Conn., develops therapies that target neurological and neuropsychiatric diseases.
Global Blood Therapeutics (GBT)
GBT is a San Francisco-based company that develops molecules for treating sickle cell disease. Pfizer acquired the company in August 2022 for $5.4 billion.
Trillium Therapeutics
Toronto-based Trillium Therapeutics makes therapeutics for treating cancer. Pfizer bought the company in August 2021 for $2.2 billion.
Arena Pharmaceuticals
The drugs Arena Pharmaceuticals develops target G protein-coupled receptors (GPCRs) to treat obesity, thrombotic diseases, vascular diseases, and autoimmune diseases. Pfizer bought the company in December 2021 for $6.7 billion.
King Pharmaceuticals
Pfizer bought King Pharmaceuticals in October 2010 for $3.6 billion. The company makes a wide range of generic drugs, including the sleeping aid Sonata, muscle relaxant Skelaxin, and heart attack prevention drug Altace.
Hospira
Hospira, a spin-off company of Abbott Labs, manufactures injectable drugs and infusion technologies. Pfizer acquired the company in February 2015 for $17 billion.
Medivation
Medivation develops small molecule and antibody therapeutics for cancer. Pfizer bought the company in August 2016 for $14.3 billion.
Who owns Pfizer?
Pfizer was founded in 1849 by German entrepreneurs Charles Pfizer and Charles Erhart, who was Pfizer’s cousin. The company went public on June 22, 1942, and today it is owned by its shareholders. Pfizer’s top shareholders are The Vanguard Group, Inc., BlackRock Fund Advisors, and SSgA Funds Management, Inc.
How much is Pfizer worth?
Pfizer Inc. is worth over $225 billion. On March 13, after the Seagen acquisition was announced, Pfizer shares were trading at a little over $40 per share.
