Published - May 17th, 2023 @ 10:30 AM (GMT+2)

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Pfizer seeks to raise $31 billion for Seagen acquisition

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Pfizer Inc announced on Tuesday its intention to raise $31 billion through a debt offering, aimed at funding the proposed acquisition of Seagen Inc. In March, the pharmaceutical giant entered into a $43 billion agreement to acquire Seagen, a move to bolster its targeted cancer therapy offerings as it faces diminishing {{mtag option="search" tag="COVID-19"}} sales and increased competition from generic drugs.
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Company invests billions to counter $17 billion revenue shortfall by 2030

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To counter an expected $17 billion revenue shortfall by 2030 due to patent expirations and dwindling demand for COVID-related products, Pfizer has invested heavily in research and strategic acquisitions. The Seagen acquisition serves as a significant part of this strategy.

The proposed debt offering is scheduled to close on May 19, with the funds being divided into eight tranches. BofA Securities, Citigroup, Goldman Sachs, and J.P. Morgan have been appointed as joint lead managers and joint book-running managers for the transaction.

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