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<ul class="summary-list"><li>Pfizer is in early talks to acquire cancer-focused biotech Seagen, The Wall Street Journal reported.</li><li>Seagen shares surged almost 11%, while Pfizer's slipped on Monday after the report.</li></ul>Drug giant <a href="https://markets.businessinsider.com/stocks/pfe-stock">Pfizer</a> is in early talks to buy cancer-focused biotech <a href="https://markets.businessinsider.com/stocks/sgen-stock">Seagen</a> in what could be a multibillion-dollar deal, <a href="https://www.wsj.com/articles/pfizer-in-early-stage-talks-to-acquire-seagen-3f53309e" target="_blank" rel="noopener">The Wall Street Journal has reported</a>. Seagen's shares surged as much as 10.9% to $178.93 at last check on Monday after the WSJ report, which cited people familiar with the matter. Pfizer shares edged 1.5% lower to $41.14. The potential deal would likely call for Pfizer to pay a premium on Seagen's market value of around $30 billion. But it would face a series of hurdles before it can go through, not least a stringent antitrust clearance by regulators.Last year, Seagen was in advanced talks to be bought by German pharmaceutical giant Merck in a deal $40 billion or more. But the deal fell through when the two sides failed to reach an agreement, and Seagen's shares have dropped almost 10% since reports of the Merck talks first emerged in July.The transaction would help Pfizer boost its lineup of cancer treatments and help fill a gap left when several of its patents expire at the end of the decade. The drug giant has said it expects to lose $17 billion in sales from the expirations.Pfizer, which booked $100 billion in revenue in 2022, aims to add $25 billion in sales in 2023 via acquisitions and other moves to develop its business. It has a hefty cash pile after pulling in $22.7 billion from sales of vaccines during the pandemic, per the WSJ.Pfizer said it wasn't company policy to comment on market speculation when approached by Insider. Seagen did not immediately respond to Insider's request for comment.

Seagen's stock surges almost 11% after a report that Pfizer is in talks to buy the cancer-focused biotech

<ul class="summary-list"><li>Starboard Value has taken a $1 billion stake in drugmaker Pfizer.</li><li>The hedge fund, headed by Jeff Smith, has become one of the most feared activist investors.</li></ul>Pharmaceuticals giant Pfizer got a wake up call Sunday evening when one of Wall Street's most feared activist investors revealed a stake in the company.Starboard Value <a target="_blank" class="" href="https://www.businessinsider.com/starboard-activist-significant-stake-in-drugmaker-pfizer-2024-10">informed the drugmaker</a> it had taken a position in the firm valued at $1 billion.An activist's aims, whether that's pushing for breakup, M&amp;A, or cost reductions, vary depending on the target. Starboard's turnaround strategy is not yet clear, but Pfizer's share price and revenues have tumbled from the record highs achieved during the pandemic's heights, and Starboard, led by its 52-year-old cofounder Jeff Smith, has a long history of wielding minority stakes to extract board seats and profits from name-brand companies.Over the past decade, Smith has more than doubled the hedge fund's assets under management to $8.5 billion by taking on targets including Salesforce, Starbucks, and the owner of Olive Garden. In that time Starboard has gained a reputation for making life uncomfortable for — and sometimes jettisoning — executives and directors who resist his overtures for change.Pfizer, with a market cap north of $160 billion, is among the largest companies Starboard's Smith has ever targeted. Still, investors seemed to applaud news of its investments on Monday, sending Pfizer's stock up about 3% in morning trading, adding nearly $5 billion to the company's market cap.Moreover, Starboard has reportedly secured support from <a target="_blank" href="https://www.wsj.com/health/pharma/activist-starboard-value-takes-1-billion-stake-in-pfizer-89591cb6?mod=hp_lead_pos4">former Pfizer executives</a> Ian Read and Frank D'Amelio for its campaign.Starboard has experience across the spectrum but is especially good at instilling discipline at the board level and "improving margins and cutting costs at companies that are bloated," said Ken Squire, the founder and president of 13D Monitor, a research firm specializing in shareholder activism.Starboard declined to comment.<h2 id="44e54273-f674-45fa-9c95-4d5153293525">Who is Jeff Smith?</h2>Investor activism has exploded in recent years. The 147 new campaigns globally in the first half of 2024 is a record, building on the all-time high 252 campaigns reached in 2023, according to a July report from investment bank Lazard.Starboard has become one of the most formidable names in the business, even if Smith hasn't yet reached the name recognition of activist investors like Paul Singer (Elliott Management), Carl Icahn (Icahn Enterprises), and Dan Loeb (Third Point Capital).Smith launched Starboard in 2011, spinning it out of a <a target="_blank" href="https://www.cowen.com/news/ramius-announces-spin-off-of-value-and-opportunity-business/">small unit at Cowen Group</a> along with a couple of partners, including Peter Feld. Early targets included AOL, where Starboard lost a proxy battle but agitated for changes that boosted the company's stock by 250%, and Office Depot, where Starboard won three board seats, according to <a target="_blank" href="https://fortune.com/2014/12/03/starboard-capitals-jeff-smith-activist-investor-darden-restaurants/">a 2014 story in Fortune</a>.Starboard put corporate America on notice with its campaign in 2013 against Darden Restaurants, the owner of Olive Garden and Longhorn Steakhouse, among other dining chains. With less than a 10% stake Smith replaced the entire 12-person board and assumed the role of chairman. By the time Smith stepped down in 2016, Darden <a target="_blank" href="https://www.wsj.com/articles/activists-reap-olive-garden-bounty-1459902161">stock had gained nearly 50%</a> and Starboard had accrued more than $500 million in profits.One of the hedge fund's greatest claims to fame involved its <a target="_blank" class="" href="https://www.wsj.com/articles/activists-reap-olive-garden-bounty-1459902161">improvements to Olive Garden's breadsticks</a>, which Starboard predicted could save the company up to $5 million a year, according to a Wall Street Journal report from 2015.In 2022, Starboard took a <a target="_blank" class="" href="https://www.businessinsider.com/salesforce-profit-margins-starboard-value-turnaround-2023-8">stake in software giant Salesforce</a>, urging the company to cut costs and improve margins. The company's shares have nearly doubled in the two years since.<div type="image" title="Photo of Marc Benioff of Salesforce speaking on stage." height="1333" width="2000" msid="114027436" hostid="261" sizebytes="41886"></div>Starboard's record isn't without blemishes. Its campaign against meat <a target="_blank" href="https://archive.nytimes.com/dealbook.nytimes.com/2015/02/04/a-primer-on-starboard-the-activist-that-pushed-for-a-staples-office-depot-merger/">processor Smithfield Foods</a> in 2013 fizzled. The hedge fund <a target="_blank" href="https://techcrunch.com/2021/09/09/box-wins-proxy-board-battle-with-activist-">lost a proxy battle</a> with software maker Box in 2021. And in 2019 it dropped a bid to have Bristol-Myers Squibb scrap its merger with Celgene after failing to win over <a target="_blank" class="" href="https://www.cnbc.com/2019/03/29/starboard-drops-out-of-celgene-fight-as-proxy-firms-back-bristol-myers-bid.html">two major proxy advisory firms</a>.In total, Starboard has initiated 151 activist campaigns, which have generated an average return of 25%, according to data from 13D Monitor.<h2 id="fc0d4b73-d1a3-4a74-a386-7908a74761a7">Ignore at your peril</h2>More recently, the hedge fund has taken positions in dating app owner Match Group, software company Autodesk, and Starbucks.Squire said Smith has a reputation as intense but intelligent and candid. Starboard "can be friendly, but if they're ignored they can also be feared — and they can get tough."In August, Starbucks replaced its CEO amid a campaign from Starboard and Elliott Management.Given Smith's record of winning corporate concessions — or prying them away by force — Pfizer CEO Albert Bourla may be next in the hot seat. Bourla took over in 2019 and guided the drugmaker through the pandemic, boosting annual revenues to $100 billion in 2022 thanks to sales of its COVID-19 vaccine and the antiviral treatment Paxlovid.But missteps ensued. Pfizer misjudged future demand for COVID remedies, <a target="_blank" href="https://www.wsj.com/health/pharma/pfizer-drug-company-cost-cutting-2da7524d?mod=article_inline">according to a WSJ report</a>, and revenues cratered. It has since undertaken multibillion-dollar cost cutting campaigns.For its next act, Pfizer executives wagered heavily on cancer treatments. It shelled out $43 billion last year to acquire Seagen, a Washington-based biotech company focused on developing novel cancer medicines. It expects Seagen's products to yield $3.1 billion in revenue this year and $10 billion in annual revenues by 2030.Still, its share price has fallen more than 50% since reaching an all-time high in December 2021.Starboard's targets cut across industries, including 23 campaigns in the healthcare sector, according to 13D Monitor. Besides Bristol-Myers Squibb, other prior targets include CVS and medical records and technology company Cerner.Pfizer did not respond to a request for comment. <h4 id="cbcdd8ad-013b-426e-8431-6c2b54c6859d">Greatest hits</h4><ul><li>2012: Starboard is credited with spurring AOL CEO Tim Armstrong to sell assets, including the sale of 800 patents to Microsoft for $1.1 billion.</li><li>2013: Starboard secured three seats on the board of Office Depot, which later agreed to merge with Staples before the Federal Trade Commission blocked the merger, citing antitrust reasons.</li><li>2014: Starboard replaced the entire board of Darden Restaurants, owner of Olive Garden. By 2015, Starboard was widely credited with turning Darden Restaurants around in part by rethinking how Olive Garden served its iconic breadsticks.</li><li>2019: Jeff Smith is named chairman of the board of pizza chain Papa John's. He immediately expanded the board by bringing in two new independent directors.</li><li>2022: Starboard urged software giant Salesforce to cut costs and improve its margins. The stock has nearly doubled since Starboard acquired a stake.</li><li>2024: After facing pressure from Elliott Management and Starboard, Starbucks replaced its CEO.</li></ul>

Meet Jeff Smith, the hedge-fund investor taking on Pfizer

<ul class="summary-list"><li>Pfizer is betting big on cancer treatments.</li><li>On Monday, the company said that it was acquiring Seagen in a $43 billion deal.</li></ul><a href="https://markets.businessinsider.com/news/pfe">Pfizer</a> is betting big on cancer treatments.The pharmaceutical giant <a href="https://www.businesswire.com/news/home/20230313005335/en/Pfizer-Invests-43-Billion-to-Battle-Cancer" target="_blank" rel="noopener">announced</a> on Monday that it would <a href="https://markets.businessinsider.com/news/stocks/seagen-stock-price-pfizer-talks-acquire-cancer-biotech-drugmaker-wsj-2023-2">acquire cancer drug developer Seagen</a>, which specializes in a new kind of drug technology that can home in on tumors.Pfizer is offering $229 per share for Seagen, and the deal has a total value of $43 billion. Seagen's stock jumped 15% to $198.21 in Monday morning trading.<a href="https://markets.businessinsider.com/stocks/sgen-stock">Seagen</a> already has four cancer treatments on the market. Its focus has been in <a href="https://www.seagen.com/science/technologies" target="_blank" rel="noopener">ADC technology,</a> or antibody-drug conjugate technology, a treatment that uses antibodies to deliver treatments directly to tumors. Seagen is expected to bring in $2.2 billion in revenue this year, and Pfizer said that figure could reach $10 billion in 2030.After the potential for a deal was <a href="https://www.wsj.com/articles/pfizer-in-early-stage-talks-to-acquire-seagen-3f53309e" target="_blank" rel="noopener">first reported</a> by the Wall Street Journal last month, SVB analysts said the deal would help Pfizer offset declining revenues from sales of coronavirus vaccines and treatments and help the company add fresh products to its oncology portfolio, which includes treatments that are expected to lose patent protection in the coming years. "Seagen would bring substantial revenue and future growth to Pfizer's oncology franchise," the SVB analysts wrote.They said that in 2030, Seagen could bring in $11 billion in sales. That could help to boost Pfizer's cancer portfolio, which is expected to bring in $12.5 billion in 2024 or around 17% of the company's total sales, according to SVB. Pfizer said that the deal would double the number of early-stage cancer treatments that the company is testing."The addition of Seagen's world-leading ADC technology will position us at the forefront of innovative cancer care, and strongly complements our existing portfolio across both solid tumors and hematologic malignancies," Chris Boshoff, Pfizer's chief development officer for oncology and rare disease, said in a statement. The deal is expected to close in late 2023 or early 2024, according to the companies.

Why Pfizer just made a $43 billion bet on a precise new way of attacking cancer

<ul class="summary-list"><li>US stocks rallied at Monday's open, following the worst trading week of the year last week. </li><li>The potential for the Fed to keep interest rates higher for longer is spooking investors, as the move would make equities less attractive. </li></ul>US stocks climbed Monday, with investors looking to recover from the worst week of trading of 2023. The strong start to the year for equities is showing signs of crumbling. Last week's Fed minutes illustrated that policymakers remain committed to cooling down inflation, and some warned that a higher-for-longer approach to interest rates may prove necessary. Meanwhile, economic data released Monday showed that Americans spent less on big-ticket items, with durable goods orders declining 4.5% in January from the prior month. Key corporate earnings to look for this week include <a href="https://markets.businessinsider.com/stocks/tgt-stock">Target</a>, <a href="https://markets.businessinsider.com/stocks/cost-stock">Costco</a>, and <a href="https://markets.businessinsider.com/stocks/m-stock">Macy's</a>. So far, 68% of <a href="https://markets.businessinsider.com/index/s&amp;p_500">S&amp;P 500</a> companies have beat Wall Street analysts' fourth-quarter estimates, lower than the five-year average of 77%. That decline, however, <a href="https://markets.businessinsider.com/news/stocks/earnings-recession-stock-market-wall-street-fed-inflation-investing-companies-2023-2">hasn't been reflected in stocks to the same degree</a>, as the index has stayed mostly flat over the last three months.Here's where US indexes stood as the market opened 9:30 a.m. on Monday: <ul><li><a href="https://markets.businessinsider.com/index/s&amp;p_500?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets">S&amp;P 500</a>: 4,002.60, up 0.82%</li></ul><ul><li><a href="https://markets.businessinsider.com/index/dow_jones?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets">Dow Jones Industrial Average</a>: 33,035.25, up 0.67% (218.33 points)</li></ul><ul><li><a href="https://markets.businessinsider.com/index/nasdaq_composite?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets">Nasdaq Composite</a>: 11,521.24, up 1.11%</li></ul>Here's what else is going on: <ul><li><a href="https://markets.businessinsider.com/news/stocks/seagen-stock-price-pfizer-talks-acquire-cancer-biotech-drugmaker-wsj-2023-2">Seagen's stock surged 15%</a> on a report that Pfizer is in talks to buy the biotech.</li><li>The US dollar is staging a comeback as <a href="https://markets.businessinsider.com/news/currencies/dollar-dominance-dxy-comeback-federal-reserve-interest-rates-inflation-currencies-2023-2">the currency looks on track for a monthly gain</a>.</li><li>Larry Summers said increases in the Fed's preferred inflation gauge are "very troubling," and <a href="https://markets.businessinsider.com/news/stocks/larry-summers-inflation-very-troubling-fed-recession-interest-rates-2023-2">that a recession looks likely</a>.</li><li>Chinese billionaire and star dealmaker Bao Fan is <a href="https://markets.businessinsider.com/news/stocks/missing-chinese-ceo-stock-plunge-cooperate-government-probe-china-renaissance-2023-2">"cooperating in an investigation,"</a> his firm said.</li><li>Warner Bros stock beat out Tesla and other S&amp;P 500 peers as the <a href="https://markets.businessinsider.com/news/stocks/warner-bros-stock-beats-sp500-tesla-hogwarts-legacy-harry-potter-2023-2">"Hogwarts Legacy" video game sees massive success</a>.</li><li>Warren Buffett's Berkshire Hathaway <a href="https://markets.businessinsider.com/news/stocks/warren-buffett-berkshire-hathaway-record-stock-purchases-buybacks-annual-report-2023-2">poured a record $68 billion into stocks last year</a>.<a href="https://markets.businessinsider.com/news/stocks/us-housing-crash-home-prices-austin-seattle-phoenix-supply-demand-2023-2"></a></li></ul>In commodities, bonds, and crypto: <ul><li>Oil prices slipped, with<a href="https://markets.businessinsider.com/commodities/oil-price?type=wti"> West Texas Intermediate</a> down 0.34% to $76.04 a barrel. <a href="https://markets.businessinsider.com/commodities/oil-price?utm_medium=ingest&amp;utm_source=markets">Brent crude</a>, the international benchmark, inched lower 0.22% to $82.98 a barrel.</li><li><a href="https://markets.businessinsider.com/commodities/gold-price?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets">Gold</a> edged 0.34% higher to $1,823.90 per ounce.</li><li>The<a href="https://markets.businessinsider.com/rates/u-s--rates-10-years?utm_medium=ingest&amp;utm_source=markets"> 10-year yield</a> ticked up 2 basis points to 3.93%</li><li><a href="https://markets.businessinsider.com/currencies/btc-usd?utm_medium=ingest&amp;utm_source=markets">Bitcoin</a> rose 0.30% to $23,684.</li></ul>

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Seagen's stock surges almost 11% after a report that Pfizer is in talks to buy the cancer-focused biotech

Zinya Salfiti

Meet Jeff Smith, the hedge-fund investor taking on Pfizer

Alex Morrell

Why Pfizer just made a $43 billion bet on a precise new way of attacking cancer

Yeji Jesse Lee

US stocks climb as investors try to recover from the worst trading week of the year

Phil Rosen

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