Pfizer Inc.’s $43 billion takeover of Seagen Inc. faces a European Union review after the companies formally notified the bloc’s merger watchdog.
(Bloomberg) — Pfizer Inc.’s $43 billion takeover of Seagen Inc. faces a European Union review after the companies formally notified the bloc’s merger watchdog.
The European Commission set Oct. 19 as a deadline to complete its initial probe, according to a filing on its website on Friday.
Seagen is a leader in developing a type of medicine called antibody-drug conjugates which help to deliver cancer-killing drugs so potent they might otherwise be too toxic to use. Seagen’s portfolio will double Pfizer’s pipeline of early-stage experimental cancer therapies, the company said when it announced the tie-up in March.
Pfizer, which has been under pressure to capitalize on its Covid-19 windfall, refiled its notification to the US Federal Trade Commission on June 14. The company could also face a UK examination.
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