US pharmaceutical group Pfizer announced on Thursday that it had completed the acquisition of its compatriot Seagen, a deal worth around $43 billion that should enable it to strengthen its position in cancer treatment.

In a press release, the company stated that the aim of the acquisition was to achieve therapeutic breakthroughs that would improve the care of cancer sufferers, given that one in three Americans will one day develop a form of the disease.

Seagen has developed an antibody-drug conjugate (ADC) technology that specifically kills cancer cells, with limited toxicity to healthy cells.

With this acquisition, Pfizer will have a portfolio of over 25 oncology drugs in some 40 indications, including nine blockbusters (sales of over $1 billion) or potential blockbusters.

In order to allay the concerns of the US Federal Trade Commission (FTC), Pfizer had to relinquish its rights to Bavencio, an anti-cancer drug developed with Germany's Merck, to the American Association for Cancer Research (AACR).

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