In May of last year, after Seagen rejected Merck’s offer to acquire it for $230 per share, the Seattle biotech saw its value tumble. Just three months later, Merck’s offer had dropped to $195 per share. But playing the waiting game—and courting another global pharmaceutical powerhouse—worked out favorably for Seagen. Pfizer’s acquisition last month of the cancer specialist got Seagen close to its original asking price. The $43 billion deal works out to $229 per share. In a Schedule 14A filing with the Securities and Exchange Commission, Seagen gave (PDF) a blow-by-blow account of negotiations over its sale, which were waged over three years.
Read the full article: In Pfizer’s $43B Acquisition of Seagen, the Biotech’s Patience Paid Off //
Source: https://www.fiercepharma.com/pharma/pfizers-43b-acquisition-seagen-biotechs-patience-paid