Pfizer buys cancer drug maker as Covid jab sales fall

Pfizer has bought cancer drug maker Seagen for $43bn (£35bn), as the pharmaceutical giant prepares for a sharp decline in Covid vaccine sales.

Pfizer has agreed to pay $229 a share in cash for the Washington-based biotech company, in a deal that is expected to closed by early next year.

It will give the company access to four new cancer treatments targeting tumour cells without harming surrounding tissue.

Cancer treatments delivered $12bn in revenue for Pfizer last year.

Seagen is the latest acquisition in Pfizer’s buying spree, spending the cash windfall received from its Covid-19 vaccine and treatment. It recorded $100bn in total revenue over 2022.