Pfizer wins unconditional EU antitrust okay for $43 billion Seagen buy
Reuters
Published Oct 19, 2023 10:54AM ET
Updated Oct 19, 2023 03:51PM ET
By Foo Yun Chee
BRUSSELS (Reuters) - U.S. pharmaceutical company Pfizer (NYSE:PFE) gained unconditional EU antitrust approval on Thursday for its proposed $43 billion acquisition of cancer drug maker Seagen.
Pfizer announced the deal in March, its largest purchase in a string of recent acquisitions thanks to a once-in-a-lifetime cash windfall from its COVID-19 vaccine and treatment.
The European Commission said the deal would not significantly reduce competition in the 27-country European Union nor would it have a negative impact on prices.
"The proposed merger would not raise competition concerns," the EU antitrust watchdog said in a statement.
Washington-based Seagen is a pioneer of antibody-drug conjugates, which work like "guided missiles" designed to destroy cancer while sparing healthy cells.
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Written By: Reuters
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