Children's Health Defense Amid plummeting sales of its COVID-19 vaccines, Pfizer acquired Seagen, a biotech company that makes drugs designed to use monoclonal antibodies to deliver anti-cancer agents to tumors while limiting damage to surrounding tissue.
Pfizer last month spent $43 billion to acquire a biotech company — with projected 2023 sales of $2.2 billion — that develops cancer drugs.
Seagen, formerly Seattle Genetics, specializes in working with antibody-drug conjugate, or ADC, technology. Its primary drugs are designed to use monoclonal antibodies to deliver anti-cancer agents to tumors while limiting damage to surrounding tissue.
The deal had been in the works since early 2023, but Pfizer had to clear several hurdles in the regulatory process to address the antitrust concerns raised by the Federal Trade Commission (FTC). To satisfy the FTC, Pfizer agreed to donate royalties from its existing bladder cancer drug, Bavencio, to the American Association for Cancer Research.
Prior to the acquisition, Seagen had four cancer drugs on the market — Adcetris, Padcev, Tivdak and Tukysa — approved by the U.S. Food and Drug Administration (FDA). The Bothell, Washington-based company also had several other drugs in development.
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