Business

Pfizer To Pay $43 Billion To Acquire The Oncology-Focused Company Seagen

Published

1 year ago

March 14, 2023

Pfizer To Pay $43 Billion To Acquire The Oncology-Focused Company Seagen

To replenish its drug pipeline in the wake of a steep sales decline of its Covid-19 pharmaceuticals, Pfizer has accepted the purchase of oncology-focused company Seagen for a cumulative asset value of $43 billion. Analysts claim that the deal, which represents a significant pharmaceutical deal since AbbVie’s agreement to purchase Allergan for $63 billion in 2019, heralds a resurgence in merger and acquisition activity after an overall decrease in activity last year.

Pfizer will pay $229 in funds per share for Seagen, funding the deal with cash, short-term borrowing of $31 billion, and additional long-term debt. The corporation is incurring a cost of nearly 35% above Seagen’s Friday closing price.

Pfizer and Seagen Deal Highlights

Major pharmaceutical corporations have shown minimal interest in purchasing assets at a discount, despite a big decline in biotech stocks well over the past year. Instead, they’ve tended to look for less dangerous businesses that contain pharmaceuticals that are either already on sale or almost ready for approval.

After predicting that severe drops in sales of Covid immunizations and therapies would cause revenues to plunge by a third to between $67 billion and $71 billion in 2023, Pfizer seems to be under pressure to make a significant transaction. The deal now contributed to Pfizer’s short- and long-term financial objectives, according to Pfizer CEO Albert Bourla, who also stated that the pharmaceutical company was using its financial resources to progress the fight against cancer.

Key medications will lose their patent protection well before the decade’s end, and thus many of the largest pharmaceutical corporations in the world need to replenish their drug portfolios. Sanofi, a French pharmaceutical giant, agreed to pay $2.9 billion for Provention Bio, the maker of a Type-1 diabetes medication, earlier on Monday to expand its drug development in response to an investor push to produce other acquisitions.

Seagen and Potential Issues Regarding FTC

ADCs, a type of medication created as a specialized therapy for cancer cells, was invented by Seagen. They function by locating and eliminating tumors while sparing healthy cells. Given that the goods of the two firms don’t significantly overlap, several analysts claimed that a merger between Pfizer and Seagen is unlikely to result in a negative reaction from the Federal Trade Commission.

Seagen anticipates revenue of around $2.2 billion in 2023, an increase of 12% over the previous year. Pfizer predicts that Seagen will generate more than $10 billion in risk-adjusted revenues by 2030.

Given that Pfizer lacks an antibody-drug conjugate or even a significant antibody-based cancer platform, Evan Seigerman, an analyst at BMO Capital Markets, stated that they do not believe the FTC has any cause for concern. Subject to regulatory approvals, the corporations anticipate that the deal will close in late 2023 or early 2024.

Business

David Beckham, Soccer Legend, Sues Hollywood Star Mark Wahlberg for Allegedly Defrauding Him of $16.4 Million

Published

4 hours ago

April 23, 2024

Manoj Nair

David Beckham, Soccer Legend, Sues Hollywood Star Mark Wahlberg for Allegedly Defrauding Him of $16.4 Million

Former deep friends and business associates, soccer legend David Beckham and Hollywood star Mark Wahlberg, are now crossing swords, with the former suing the latter over an £8.5 million ($16.4 million) dispute.

David Beckham Lawsuit Against Mark Wahlberg’s F45 Training Company

In his lawsuit, David Beckham alleges that Wahlberg’s F45 Training Company behaved fraudulently and misled during business transactions.

The lawsuit also names Wahlberg’s Mark Wahlberg Investment Group (MWIG), and F45’s founders, Adam Gilchrist and Rob Deutsch, as defendants.

The legal battle between Beckham’s firm, DB Ventures Ltd, and Wahlberg’s F45 Training began in 2022 and was later joined by Australian golf entrepreneur Greg Norman. However, the Judge directed the two parties to present their cases separately. Both Beckham and Norman alleged in their filings that Wahlberg misled them into becoming brand ambassadors. Beckham also claimed in the filing that he lost over £8.5 million because he did not receive the promised shares just before their value plummeted.

Beckham’s company, DB Ventures Ltd, had signed a deal with F45 Training, a company in which Wahlberg has a 36% stake and also serves as the chief brand officer. Beckham’s association with Mark began when he moved to California to play for the L.A. Galaxy and became F45’s Global Ambassador. Beckham, who has millions of social media followers, immensely benefited F45 through this association. However, Beckham never received the $10 million he was promised, and subsequently, the company’s shares tanked.

Wahlberg has refuted all the allegations as baseless and called for the lawsuit to be dismissed. He added that Beckham’s company is blaming everyone but not examining its own actions. Relations between Wahlberg and Beckham were very cordial, and the two were neighbors when the former English footballer moved to Los Angeles in 2007, residing in the same Beverly Hills location. Beckham also promoted F45 on social media, including Instagram, but the posts have since been deleted.

Beckham’s wife, Victoria Beckham, celebrated her 50th birthday on Saturday at a club called Oswald’s, along with her family, including her children Brooklyn, Romeo, Cruz, and Harper. The birthday party was also attended by her former Spice Girl bandmates Emma Bunton, Mel C, Mel B, and Geri Horner. The guest list also included Eva Longoria, Gordon Ramsay, and Tom Cruise.

Also Read: 4 Inspirational David Beckham Hairstyles That Every Fan Should Try At Least Once

Net Worth

Rizwan Sajan Net Worth 2024: How Much is the Indian Businessman Worth?

Published

1 day ago

April 22, 2024

Vishnu Chaudhary

Rizwan Sajan Net Worth 2024: How Much is the Indian Businessman Worth?

Who is Rizwan Sajan?

Rizwan Sajan is a distinguished Indian entrepreneur renowned for his founding role in The Danube Group, a leading building materials company based in Dubai. Despite humble beginnings, Sajan’s journey exemplifies resilience, determination, and the transformative power of entrepreneurship.

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Rizwan Sajan Career

Sajan’s career trajectory reflects a remarkable rise from modest origins to entrepreneurial success. Starting as a hardware store employee in Dubai during the early 1990s, he laid the groundwork for his future endeavors. His entrepreneurial spirit led him to establish The Danube Group in 1993, marking the beginning of his pioneering journey in the business world.

Rizwan Sajan Net Worth

As of 2024, Rizwan Sajan’s net worth stands at a staggering Rs 18,000+ crores. This substantial wealth places him among the elite echelons of business magnates globally, underscoring his exceptional achievements and contributions to the industry.

Rizwan Sajan Age

Born on August 8, 1963, Rizwan Sajan is currently 60 years old, symbolizing a lifetime of dedication, perseverance, and entrepreneurial prowess.

Rizwan Sajan Family: Wife and Children

Sajan cherishes a strong familial bond with his wife, Sameera Sajan, and their son, Adel Sajan, who is married to Dr. Sana Sajan. Their close-knit family dynamic underscores the importance of love, unity, and support in Sajan’s personal and professional life.

Rizwan Sajan Height and Weight

Specific details regarding Rizwan Sajan’s height and weight are not widely available, emphasizing the focus on his accomplishments rather than superficial attributes.

Also Read: Karl-Erivan Haub Net Worth 2024: How Much is the Former Managing Director of the Tengelmann Group Worth?

Net Worth

Karl-Erivan Haub Net Worth 2024: How Much is the Former Managing Director of the Tengelmann Group Worth?

Published

3 days ago

April 20, 2024

Vishnu Chaudhary

Karl-Erivan Haub Net Worth 2024: How Much is the British musician and bassist Worth?

Who is Karl-Erivan Haub?

Karl-Erivan Haub, a prominent figure in the German retail industry, was born into the influential Haub family on September 29, 1932, in Wiesbaden, Germany. He was the son of Erich Haub and Elizabeth Haub (née Schmitz-Scholl), belonging to the esteemed Mülheim family Schmitz-Scholl, renowned founders of the Tengelmann grocery chain.

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Karl-Erivan Haub Career

Haub’s career trajectory was marked by his dedication to the Tengelmann Group, one of Germany’s largest retail entities. After completing internships in the United States and obtaining a degree in economics from the University of Hamburg, Haub joined the family business in 1963. He ascended to the position of managing director in 1969, steering the company’s strategic direction towards retail trade expansion. Notable milestones include the acquisition of The Great Atlantic & Pacific Tea Company in 1979, which cemented Tengelmann’s international presence.

Karl-Erivan Haub Net Worth

At the time of his passing in March 2018, Karl-Erivan Haub left behind a significant net worth of $6.4 billion. However, recent developments have sparked intrigue, with reports surfacing of his alleged reappearance in Moscow after being declared legally dead in 2021. The circumstances surrounding his net worth remain uncertain amidst this perplexing saga.

Karl-Erivan Haub Age

Born on September 29, 1932, Haub would have been 91 years old in 2024 if he had not been declared legally deceased in 2021.

Karl-Erivan Haub Family: Wife and Children

Haub was married to Helga Otto in 1958, and together they had three sons: Karl-Erivan, Georg, and Christian W.E. Haub. His dedication to family and philanthropy underscored his personal and professional endeavors, leaving a lasting legacy beyond the business realm.