Seagen Inc. (Nasdaq: SGEN) shareholders on Tuesday approved the Bothell-based biotech's $43 billion sale to pharmaceutical giant Pfizer Inc. (NYSE: PFE).
In a news release, Seagen said the acquisition still needs regulatory approval. The companies expect the deal to close later this year or early next year.
“We are pleased with the outcome of today’s special meeting vote to approve Seagen’s acquisition by Pfizer and thank our stockholders for their support for this compelling transaction,” David Epstein, CEO of Seagen, said in a release. “The affirmative vote brings us one step closer to joining with Pfizer to accelerate our ability to deliver transformative cancer medicines to more patients in need around the world.”
According to Seagen, 99% of the shares represented at Tuesday's special meeting voted in favor of the deal, which means 88% of the company's total outstanding shares voted in favor of it.
Epstein previously told the Business Journal that joining the larger company provides added resources and reach for Seagen. Pfizer, meanwhile, can boost its oncology business by adding Seagen's current treatments on the market, which are aimed at Hodgkin lymphoma and bladder, breast and cervical cancer.
Seagen, founded in 1997 as Seattle Genetics, is building a 270,000-square-foot biomanufacturing facility in Everett that is set to open in 2024. The company also has a facility in the Bay Area.
Epstein is a former Novartis executive. He took over as CEO of Seagen in November. He replaced co-founder and former CEO Clay Siegall, who resigned in May 2022 following an arrest at his home in Woodway on suspicion of domestic violence. The city prosecutor later declined to file charges, citing issues with the evidence.
New York City-based Pfizer has 24 approved cancer medicines. The company last year acquired Global Blood Therapeutics and Biohaven Pharmaceutical.
Seagen generated $520 million in revenue during the first quarter, a 22% year-over-year increase. The company generated a total of $2 billion in revenue in 2022. Pfizer generated $100.3 billion in revenue last year, including $12.1 billion through its oncology business. According to Pfizer, Seagen could generate over $10 billion in revenue in 2030.
