Biopharma acquisitions often come with layoffs and lab shutdowns as smaller companies get absorbed. Whether that happens to Seagen is a big question that will impact the Seattle-area biotech community.
Pfizer on Monday announced plans to acquire Seagen, the Bothell, Wash.-based biotech giant, for a whopping $43 billion. It would be one of the largest acquisitions ever of a Seattle-area company, and the biggest biopharma transaction in three years.
In an investor call Monday, Pfizer CEO Albert Bourla said that the New York City-based pharma giant intends to keep Seagen’s operations in the Seattle area and San Francisco. “We are not buying the golden eggs,” said Bourla, “We are acquiring a goose, but he’s laying the golden eggs for us.”
