Pfizer Buys Targeted Cancer Drugmaker Seagen For $43 Billion
News outlets cover the purchase, arguing the move helps Pfizer find potential new revenue sources now that covid treatment sales are declining. Separately, analysts try to identify which key drugs will be impacted by U.S. drug price negotiation rules in 2026.
Stat:
Pfizer Buys Seagen, Maker Of Targeted Cancer Drugs, For $43 Billion
Pfizer said Monday it is acquiring Seagen, a maker of targeted cancer drugs, for $43 billion. The deal helps Pfizer, flush with cash but in need of new sources of revenue due to declining sales of Covid treatments, by adding a lineup of cancer drugs called antibody-drug conjugates that work by delivering chemotherapy directly to tumors. (Feuerstein, 3/13)
The Washington Post:
Pfizer Seeks Another ‘Moonshot’ In $43 Billion Cancer Deal With Seagen
Seagen, based outside Seattle, is known for pioneering a seek-and-destroy therapy that locates tumors and targets them with antibodies, delivering a drug that attacks cancer cells. Harnessing this technology, called antibody-drug conjugates, Seagen has won regulatory approval for drugs that treat Hodgkin lymphoma as well as bladder, cervical and breast cancer. (Gilbert, 3/13)
In other pharmaceutical and biotech news —
Reuters:
Bristol Myers, Pfizer, AbbVie Drugs Likely To Face U.S. Price Negotiation
The blood thinner Eliquis from Bristol Myers Squibb, Pfizer's breast cancer drug Ibrance and AbbVie's leukemia treatment Imbruvica are likely to be among 10 big-selling medicines subject to U.S. price negotiations for 2026, according to five Wall Street and academic analyses shared with Reuters. Last year Congress passed the Inflation Reduction Act (IRA), giving the U.S. government power to start the first price negotiations over prescription drugs for its Medicare health program covering more than 60 million Americans, most over age 65. (Erman, Wingrove and Aboulenein, 3/13)
Stat:
French Pharma Sanofi Buys Maker Of Diabetes Treatment For $2.9B
Sanofi said Monday that it is acquiring Provention Bio, makers of a diabetes treatment, for $2.9 billion. The Provention drug at the centerpiece of the deal, called TZield, was approved in the U.S. last November as the first and only treatment to prevent the onset of symptomatic Type 1 diabetes. Sanofi was already co-marketing the drug under a prior licensing deal signed between the two companies. (Feuerstein, 3/13)
Stat:
Illumina Has Been Ignoring Its Investors. It Can’t Ignore Carl Icahn
Illumina, the DNA sequencing giant whose stock has fallen 40% in two years, already had problems. Now it has to contend with Carl Icahn. The granddaddy of activist investors announced Monday morning that he’s taken a stake in Illumina and wants three handpicked directors added to the company’s board. The message Illumina’s management should hear is this: Icahn usually gets much of what he wants. (Herper, 3/13)
The (Cleveland) Plain Dealer:
UH Bets Big On Immune Cell Research As The Future For Cancer Treatment
For many scientists, the future of medicine lies in tapping the healing power of our own individual cells. And when it comes to cancer treatment, University Hospitals has its eye on that prize. The hospital system recently made substantial investments in the field of immunotherapy - a way of harnessing the body’s own immune cells to fight cancer. The hope is that by being at forefront of personalized, cell-based medicine, it will attract the world’s top scientific talent and position UH as a center for cutting edge cancer care. (Kroen, 3/14)
Stat:
Scientists Say Embryo-Editing Research Should Proceed
The Francis Crick Institute is a glimmering chameleon of a building, spanning four acres of downtown London, that took 10 years and cost nearly $850 million to build. The curves of its vaulted twin roofs manage to resemble the hull of an alien spacecraft while still echoing the steel and glass forms found at the bustling St. Pancras train station across the street. (Molteni, 3/14)
