Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious Outperformance
Find Stocks Now

Pfizer wins unconditional EU antitrust okay for $43 billion Seagen buy

Published 10/19/2023, 10:54 AM
Updated 10/19/2023, 03:51 PM
© Reuters. FILE PHOTO: A  company logo is seen at a Pfizer office in Puurs, Belgium, December 2, 2022. REUTERS/Johanna Geron/File Photo

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.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.