(Bloomberg) — Seagen Inc.’s new Chief Executive Officer David Epstein said he’s hunting for deals for emerging oncology drugs while keeping internal focus on the drugmaker’s core technology for attacking tumors.
(Bloomberg) — Seagen Inc.’s new Chief Executive Officer David Epstein said he’s hunting for deals for emerging oncology drugs while keeping internal focus on the drugmaker’s core technology for attacking tumors.
The company plans to pursue licensing, partnerships or asset acquisitions with biotech startups, Epstein said Tuesday in an interview at the JPMorgan Healthcare Conference in San Francisco. The recent downturn in biotech stocks is pressuring industry companies to find cash, which could open up more opportunity for Seagen to strike deals, he said.
“Our size and our development and commercial skills could make us very attractive partners,” Epstein said.
Seagen isn’t looking for large-scale acquisitions, Epstein said. Some prospective companies may work with the antibody-drug conjugates Seagen has pioneered, he said, although other drug technologies are under consideration.
Seagen itself was targeted last year by Merck & Co. in a deal that would have been worth as much as $37 billion, Bloomberg News reported, until talks fell apart on a final purchase price. Epstein, who took over in November after longtime CEO Clay Siegall resigned, is now seeking to broaden the company’s drug portfolio.
Joining the company “was an opportunity to come in and build a world-leading oncology company,” Epstein said.
Most recently, Epstein worked at venture-capital firm Flagship Pioneering, where he said he learned how small biotech companies operate, knowledge that will be helpful for working out agreements.
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