March 15, 2023 | Health Care | North America | Ended
Pfizer announced on 13-Mar-23 an agreement to buy global cancer biotechnology company Seagen for $229 cash per share, representing a total enterprise value of $43bn, a 32.7% premium to Seagen's closing price on 10-Mar-23 and a 41.9% premium to its undisturbed price before the Wall Street Journal reported on 27-Feb-23 that the companies were in talks. The boards of both companies unanimously approved the transaction, which is expected to complete in late 2023 or early 2024, and the deal is conditional on approval by Seagen’s shareholders (50%) as well as regulatory clearances, including under HSR and likely the CMA and EC. Pfizer said it secured a voting agreement for 25.1% of Seagen shares from Baker Bros. Advisors. The preliminary proxy is expected within 25 business days of the M&A announcement (by 14-Apr-23) and the shareholder vote will take place within 25 business days from the mailing of the definitive merger proxy. The merger agreement contains customary clauses on ...
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