Pfizer Will Spend $43 Billion To Get Seagen’s Oncology Meds Portfolio…

Not surprising, as we mentioned this possibilty last month — though the price (at $229/share) is a little lighter than I would have guessed.

Pfizer needs the deal, and despite what some commenters are saying… it will clear Hart-Scott later this year.

Here’s the WSJ on it:

…Seagen, which is based outside Seattle, helped pioneer a class of drugs known as antibody drug conjugates that can home in on tumors to strike them with a toxic agent.

Pfizer, of New York, has been looking for acquisitions to help it offset losses in sales expected as some top-selling drugs lose patent protection in the next several years….

Now you know, and it looks like some banking contagion / uncertainty will continue to roil the broader markets this week.

And… I wouldn’t expect the overnight Bitcoin bounce to be durable. Onward!

नमस्ते