<keyword id="44612" type="General" weightage="100" keywordseo="pfizer" source="Orion">Pfizer</keyword> has agreed to pay USD 43 billion for biotech <keyword id="13402959" type="General" weightage="80" keywordseo="seagen" source="Orion">Seagen</keyword> and its pioneering class of targeted cancer drugs, The Wall Street Journal reported. Under the terms, Pfizer would pay USD 229 a share in cash, the drugmaker said on Monday. The companies expect the deal, which includes debt, to close late this year or early next year. However, it is likely to face scrutiny from antitrust regulators, who have stepped up their reviews of healthcare and other deals. The agreement is an early sign that, despite the threat of close antitrust examinations and higher interest rates, big pharmaceutical companies are poised for heavy deal-making this year, WSJ said. The drugmakers had in recent years backed off from what had been a torrid deal pace, after potential targets came to cost too much. Yet, they now need to inject new drugs--and their sales--into aging lineups, and price tags have dropped after some research failures and interest rates rose. Also on Monday, French drugmaker <keyword id="45958" type="General" weightage="50" keywordseo="sanofi" source="Orion">Sanofi</keyword> said it would buy Provention Bio, which sells diabetes treatment Tzield, in a deal valued at USD 2.9 billion, WSJ said. Seagen, which is based outside Seattle, helped pioneer a class of drugs known as antibody drug conjugates, or ADCs, that can home in on tumours to strike them with a toxic agent. The drugs could become one of the next big segments of the USD 375-billion worldwide cancer-drugs market, accounting for USD 31 billion in sales in 2028, drug-market-research firm Evaluate estimates. According to WSJ, New York-based Pfizer has been looking for acquisitions to help it offset an expected sales loss of USD 17 billion by 2030 as some top-selling drugs like blood thinner Eliquis and breast-cancer drug Ibrance lose patent protection in the next several years. Sales of Pfizer's Covid-19 vaccine and drug have buoyed the company's performance in recent years. Executives have said they can't count on the same level of sales going forward because the pandemic is entering an endemic phase, prompting the company to use its tens of billions of dollars in Covid-19 revenue for deal-making. Cancer treatment is a key franchise for Pfizer, contributing more than USD 12 billion of the company's USD 100 billion in sales last year. According to WSJ, Pfizer has been looking to increase its cancer-drug footprint. Analysts said Seagen's therapies would expand Pfizer's portfolio of breast and bladder cancer drugs, while complementing its efforts to build positions in other tumours with large patient populations like myeloma. "We are investing to battle cancer," Chief Executive Officer <keyword id="6924082" type="General" weightage="50" keywordseo="albert-bourla" source="Orion">Albert Bourla</keyword> said in an interview to WSJ. "We are investing to grow." Pfizer executives said they expect federal antitrust authorities will sign off on the deal because the company and Seagen bring complementary capabilities. Shares in Pfizer rose 2.7 per cent on the <keyword id="115417" type="General" weightage="50" keywordseo="new-york-stock-exchange" source="Orion">New York Stock Exchange</keyword> on Monday morning, while Seagen stock jumped more than 16 per cent. The Seagen acquisition will help Pfizer reach its goal of generating USD 25 billion in additional revenue by 2030 through business development such as deal-making, Pfizer executives told WSJ. Seagen, which expects USD 2.2 billion in revenue this year, could bring Pfizer more than USD 10 billion in revenue by 2030 if the biotech succeeds in broadening application of its drugs to more kinds of tumours, Pfizer executives said. Pfizer's revenue target surpasses the estimates of many analysts, but Bourla called the target reasonable, according to WSJ. He said Pfizer can help Seagen expand its commercial capabilities and use its global drug-development network to help Seagen accelerate its pipeline. He also said Pfizer expects USD 1 billion in savings from the deal over the next three years, largely from avoiding costs like having to broaden its own sales force. Instead, Pfizer can use Seagen's. Seagen caught the attention of Pfizer and other drugmakers because of the potential for ADCs. Merck &amp; Co had discussed buying Seagen last year, but the companies couldn't agree on a price, The Wall Street Journal has reported. Pfizer's talks with Seagen advanced quickly after the Journal reported last month that the companies had started talking. SEE ALSO: <a href="https://www.businessinsider.in/policy/economy/news/the-godot-recession-could-be-pushed-back-further-svb-crisis-could-force-us-fed-to-pause-rate-hikes/articleshow/98612680.cms" style="">The ‘Godot’ recession could be pushed back further, SVB crisis could force US Fed to pause rate hikes</a> <a href="https://www.businessinsider.in/business/corporates/news/adani-stocks-rally-after-group-prepays-2-15-billion-margin-linked-loans/articleshow/98601176.cms" style="">Adani stocks rally adds ₹2.61 lakh crore to group market cap in March so far</a> <a href="https://www.businessinsider.in/investment/news/as-markets-turn-topsy-turvy-sovereign-gold-bonds-offer-hopes-of-a-safe-haven/articleshow/98545327.cms">As markets turn topsy turvy, sovereign gold bonds offer hopes of a safe haven</a>

Pfizer agrees to buy Seagen for $43 billion

<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>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

The number of active users on <keyword id="6354646" type="General" weightage="20" keywordseo="NSE" source="Orion">NSE</keyword> declined for the eighth consecutive month to 33.6m in Feb23 from 34.3m in January 2023. According to a report by <keyword id="113829" type="General" weightage="80" keywordseo="motilal-oswal-financial-services" source="Orion">Motilal Oswal Financial Services</keyword>, total active user clients at NSE rose 2.7 per cent <keyword id="63194" type="General" weightage="80" keywordseo="yoy" source="Orion">YoY</keyword> but fell 2.1 per cent, MoM, to 33.6m. This was the eighth consecutive month of a sequential decline. The intensity of the fall was lower at 0.7m accounts in February 2023 v/s 1m in January 2023. Currently, the top five discount brokers account for 59.6 per cent of overall NSE active clients, an increase from 59.2 per cent in January 2023. According to Motilal Oswal Financial Services, the number of total demat accounts rose to 113m in February 2023. Incremental account additions stood at 2.1m in February 2023 v/s 2.2m in January 2023. Although account additions were steady, the number continued to be below the FY22 average run rate of 2.9m. In terms of total and incremental demat account market share, the trends were steady on the MoM basis. However, on a YoY basis, NSDL lost 230bp/190bp market share in total/incremental demat accounts. The capital market sentiment of <keyword id="115437" type="General" weightage="20" keywordseo="india-inc-" source="Orion">India Inc.</keyword> was volatile in February 2023, with the <keyword id="16785465" type="General" weightage="80" keywordseo="nifty-ending-the-month" source="Orion">Nifty ending the month</keyword> down 2 per cent MoM after gyrating between 17,300 and 18,000. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/pfizer-agrees-to-buy-seagen-for-43-billion/articleshow/98624130.cms">Pfizer agrees to buy Seagen for $43 billion</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/global-banking-shares-slump-as-fallout-spreads/articleshow/98624442.cms">Global banking shares slump as fallout spreads</a>

Decline in NSE active accounts continues for 8th consecutive month

Asia's first woman loco pilot <keyword id="277227" type="General" weightage="80" keywordseo="surekha-yadav" source="Orion">Surekha Yadav</keyword> has added another feather to her cap as she became the first female to operate the newly-introduced semi-high-speed <keyword id="7263559" type="General" weightage="100" keywordseo="vande-bharat-express" source="Orion">Vande Bharat Express</keyword> train, the <keyword id="6364162" type="General" weightage="80" keywordseo="central-railway" source="Orion">Central Railway</keyword> said. She piloted the semi-high-speed train between <keyword id="49186" type="General" weightage="80" keywordseo="solapur" source="Orion">Solapur</keyword> station and Chhatrapati Shivaji Maharaj Terminus (CSMT) in Mumbai on Monday. The train departed Solapur station at right time on March 13 and reached CSMT five minutes before the scheduled arrival, a Central Railway release said, adding that on completion of a more than 450-km long journey, Yadav was felicitated at platform number 8 at CSMT. "Vande Bharat - powered by Nari Shakti. Smt. Surekha Yadav, the first woman loco pilot of Vande <keyword id="8996389" type="General" weightage="80" keywordseo="bharat-express" source="Orion">Bharat Express</keyword>," Railway Minister Ashwini Vaishnav tweeted. The Central Railway said, "Yadav notched another feather in Central Railway's cap by becoming the first woman loco pilot of Vande Bharat Express". Hailing from Satara in the western Maharashtra region, Yadav became India's first female train driver in 1988. She had won many awards at the state and national levels so far for her achievements. The Central Railway has launched two Vande Bharat Express trains on CSMT-Solapur and CSMT-Sainagar Shirdi routes, which were shown green flags by Prime minister Narendra Modi on February 10, 2023. According to railway officials, loco piloting on new routes involves comprehensive learning and the crew has to remain vigilant at every moment during the train journey. "The crew learning process involves signal observance, hands-on new equipment, coordination with other crew members, observance of all parameters for running of a train," the release stated. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/pfizer-agrees-to-buy-seagen-for-43-billion/articleshow/98624130.cms">Pfizer agrees to buy Seagen for $43 billion</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/global-banking-shares-slump-as-fallout-spreads/articleshow/98624442.cms">Global banking shares slump as fallout spreads</a>

Asia's first woman loco pilot Surekha Yadav operates Vande Bharat Express

<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>

You Searched For "seagen" and got 6 results

Pfizer agrees to buy Seagen for $43 billion

ANI

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

Zinya Salfiti

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

Yeji Jesse Lee

Decline in NSE active accounts continues for 8th consecutive month

IANS

Asia's first woman loco pilot Surekha Yadav operates Vande Bharat Express

PTI

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

Phil Rosen