On Monday, Pfizer landed a $43.00 billion deal for acquiring Seagen Inc, aiming at its cancer therapies as it prepares for a sharp plunge. Its stock price increased by 1.19% to $39.86 per share on March 13. Likewise, it is expected to rise by 0.30% to $39.98 apiece in the upcoming session.
The company is bracing itself for a steep drop in COVID-19 sales and getting ready for generic competition for major-selling drugs. The largest purchase from Pfizer would add four authorized cancer therapies and combined sales of nearly $2.00 billion in 2022.
Moreover, Seagen’s shares were up by 16.00% to $200.93, below Pfizer’s $229.00 offer price. It hints at an investor concern about a possible extended antitrust review.
On a conference call, the firm indicated that antitrust regulators might closely study the deal amid its size. However, the companies look forward to completing the transaction in late 2023 or early 2024.
According to Chief Executive Albert Bourla, acquiring Seagen would help Pfizer protect itself from regulatory and patent perspectives.
Furthermore, the latest agreement comes as the entity attempts to alleviate an expected $17.00 billion impact on revenue by 2023. The mitigation comes from patent expirations for powerful drugs and a fall in demand for its COVID products.
FDA Approves Nasal Spray from Pfizer
The US Food and Drug Administration (FDA) approves the new nasal spray, Zavzpret, made by Pfizer. The migraine-treating spray was made known by the maker on March 10. According to its study, Zavzpret could treat migraine as quickly as 15 minutes.
Chief Commercial Officer Angela Hwang from Pfizer said the product’s approval is a significant breakthrough. It targets people who want pain relief and lean toward alternative options to oral medicine.
Zavzpret highlights the commitment of Pfizer to deliver more treatment options to help people with migraine get relief. However, common disadvantageous reactions are reported in at least 2.00% of patients who used Zavzpret. These include taste disorders, nausea, nasal discomfort, and vomiting.